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German preliminary CPI fell to 2.9% y/y in January, below the 3.0% estimate and the lowest since June 2021. The euro rose briefly and then gave back about half of the gain.
The Federal Reserve was expected to hold rates later that day.
Softer inflation in Germany raises expectations of ECB easing, which pressures the euro and can shift dollar-based feed commodity costs for European buyers. The move was small and reversed quickly.
marketpulse.comKenneth FisherJan 31, 2024After 129 past neutral macro events, Euro (USD per EUR) moved a median -0.1% over 5 sessions (45% higher; middle half -0.5% to +0.5%), and +0.1% over 20.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
