CPI m/m (EUR) comes in at -0.1% against 3.2% consensus

Eurozone CPI m/m data for July was released at -0.1%, significantly missing the consensus expectation of 3.2%. This actual figure also represents a notable drop from the previous month’s reading of 3.2%. The surprise against consensus was -103.1%.

Following the release, market reaction in EUR pairs showed varied movement over the first 15 minutes. EURAUD moved +3.7 pips, EURCAD saw no change at 0.0 pips, and EURCHF gained +1.1 pips. EURGBP declined -0.7 pips, while EURJPY rose +2.5 pips. EURNZD moved +0.3 pips, and EURUSD declined -2.9 pips. These initial moves are generally small when compared to the typical median 1-hour moves observed after past CPI releases, such as EURAUD’s median of 9 pips or EURUSD’s median of 6 pips.