Core CPI y/y (EUR) comes in at 2.4% against 2.4% consensus

Eurozone Core CPI year over year was reported at 2.4%. This figure aligned precisely with the market consensus expectation of 2.4%. The reading also remained unchanged from the previous period’s 2.4%, resulting in a 0.0% surprise versus consensus.

Following the release, market reactions in EUR pairs varied. EURAUD initially moved +11 pips within five minutes, then settled to +3.7 pips after fifteen minutes. This initial five minute move was above the median one hour move of 9 pips observed after past releases. EURNZD saw a +9.7 pip move in the first five minutes, nearing its median one hour move of 10 pips, before receding to +0.3 pips after fifteen minutes. Other EUR pairs experienced relatively smaller movements. EURCAD moved +1.5 pips at five minutes and was flat at 0.0 pips after fifteen minutes. EURCHF gained +2.3 pips at five minutes and +1.1 pips at fifteen minutes. EURGBP saw a +0.5 pip gain at five minutes, then a -0.7 pip loss at fifteen minutes. EURJPY moved +0.7 pips at five minutes and +2.5 pips at fifteen minutes. EURUSD declined -2.0 pips at five minutes and -2.9 pips at fifteen minutes. For most pairs, the measured moves so far are small relative to their historical median one hour movements.