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Eurozone inflation ticks up

Market Analysis
European Parliament at Strasbourg with member flags

Eurozone inflation finally back in positive territory. Eurozone June HICP rose to 0.1% y/y from -0.1% y/y in the previous month, a tad higher than initial expectations for a headline reading of 0.0% y/y, but not a surprise after national data from Germany, Spain and France yesterday and earlier today. The uptick is largely due to base effects from oil prices, but core inflation also lifted to 0.9% y/y and the data will only back the ECB’s wait and see stance for now, with officials clearly not rushing in to ease policy further in the wake of the Brexit referendum, but continuing to watch market reaction and assess the medium term implications for now.

EURUSD support and resistance levels are as follows. Daily: 1.0912, 1.0971 and 1.1129, 1.1237. Intraday: 1.1032, 1.1083 and 1.1180, 1.1190.

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Janne Muta

Chief Market Analyst

HotForex

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