EURUSD extends gains after solid German CPI reading

EURUSD caught a bid following German CPI release. Inflation in Europe's biggest economy accelerated from 0.6% YoY to 0.9% YoY in June while the market expected it to stay unchanged. Euro benefits from the release while stock markets see almost no reaction. In theory rising inflation leaves less room for monetary easing and, in turn, can be seen as bad for stocks in the current environment.

Upward move on EURUSD accelerated after a solid German CPI print. The main currency pair is approaching a short-term downward trendline. Source: xStation5

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