German Inflation Moderates While Food Prices Increase in Euro Areas

Food Prices In Europe

German inflation moderates according to the CPI inflation data, which revealed a print in line with forecasts (7.5%) despite the remarkable crosswinds. While food prices rose high in Europe’s largest economy, surging to 14.8% – the highest among EU nations.

The ECB is saddled with the responsibility of ensuring the successful transmission of its monetary policy throughout the Euro area without sabotaging the bond markets of riskier EU countries. Markets anticipate a 50 bp hike after the Governing Council meets next month.

The EUR/USD daily chart continues to trade in the developing trading range. Price action might break above the descending trendline, rather due to the sideways nature of a pair devoid of any bullish catalysts.

The EUR/GBP currency pair has advanced off the bearish outlook for the United Kingdom, delivered by the Bank of England last Thursday, marking the short-term reversal.

Today’s US inflation data might result in elevated volatility and is expected to be slightly lower on the headline measure (8.7% exp vs. 9.1% prior). The US PPI data coming up on Thursday, August 11, 2022, is unlikely to have full influence on markets as the Fed needs to see a considerable lowering of prices before adjusting the current path of momentary tightening.

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