# EUR/USD gives up gains after soft German CPI | MarketPulse by OANDA Group

> 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.

- Date: 2024-01-31 · published 2024-01-31T12:00:00.000Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/32342-eur-usd-gives-up-gains-after-soft-german-cpi-marketpulse-by-oanda-group
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: neutral
- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-07-31 | [Euro shrugs as eurozone GDP, core CPI accelerate \| MarketPulse by OANDA Group](https://feedsoft.ai/events/35246-euro-shrugs-as-eurozone-gdp-core-cpi-accelerate-marketpulse-by-oanda-group.md) | -0.0% | -2.3% |
| EURUSD | 2026-02-26 | [EUR/USD steady as ECB eyes inflation target, German CPI in focus](https://feedsoft.ai/events/20805-eur-usd-steady-as-ecb-eyes-inflation-target-german-cpi-in-focus.md) | -1.4% | -2.0% |
| EURUSD | 2024-03-07 | [EUR/USD up on the day after conclusion of ECB policy meeting](https://feedsoft.ai/events/31422-eur-usd-up-on-the-day-after-conclusion-of-ecb-policy-meeting.md) | +0.3% | -0.8% |
| EURUSD | 2026-10-26 | [MARKET UPDATE OATs open with gains of c. 70 ticks, after Moody's held the rating steady on Friday \| Newsquawk](https://feedsoft.ai/events/465-market-update-oats-open-with-gains-of-c-70-ticks-after-moody-s-held-the-rating.md) | -0.3% | — |
| EURUSD | 2017-09-01 | [Euro slips after six months of gains as ECB eyed \| The National](https://feedsoft.ai/events/69163-euro-slips-after-six-months-of-gains-as-ecb-eyed-the-national.md) | +1.2% | -0.7% |
| DXY | 2026-02-26 | [EUR/USD steady as ECB eyes inflation target, German CPI in focus](https://feedsoft.ai/events/20805-eur-usd-steady-as-ecb-eyes-inflation-target-german-cpi-in-focus.md) | +1.1% | +2.0% |
| DXY | 2025-10-30 | [Dollar hands back some gains after Fed meeting; euro looks to ECB By Investing.com](https://feedsoft.ai/events/22616-dollar-hands-back-some-gains-after-fed-meeting-euro-looks-to-ecb-by-investing.md) | +1.1% | +0.4% |
| DXY | 2024-01-31 | [EMERGING MARKETS-Latin American stocks, FX hold gains after Fed policy decision; Colombia peso up after rate cut](https://feedsoft.ai/events/32405-emerging-markets-latin-american-stocks-fx-hold-gains-after-fed-policy-decision.md) | +0.3% | +0.4% |

## Sources

- marketpulse.com: https://www.marketpulse.com/news/eurusd-gives-up-gains-after-soft-german-cpi/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.