The Euro is slightly down today after profit takers moved in on the back of strong Consumer price index numbers out of Germany Yesterday.
According to statistics, German consumer prices jumped 0.8 percent in March against analysts’ expectations for a 0.6 percent rise with the yearly figure rising to 0.3 percent against last month’s figure of 0.0 percent.
This data shows the German economy moving into inflation mode which some analysts attribute to the stimulus package from the ECB and may prove that no further easing will be needed in the nearest future which will please those from Bundersbank.
The strong numbers may be a sign of things to come with the release of Eurozone CPI figures on Thursday which may also show the Eurozone has defied deflation and lend some support to the Euro for the foreseeable future.
Other important data likely to drive the European currency today is the release of Industrial production figures from the Eurozone which are expected to hit the market at -0.7 percent against last month’s figure of 2.1 percent with any surprise to the upside also likely to boost the Euro
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