CPI m/m (EUR) comes in at 2.8% against 1.5% consensus

Eurozone CPI m/m data, released today, showed a significant increase, coming in at 2.8%. This figure was substantially higher than the consensus expectation of 1.5%, marking an 86.7% surprise versus consensus. The previous month’s reading was -0.1%.

Following the release, EUR pairs showed varied reactions over the initial 15 minutes. EURAUD moved -0.9 pips, which is small compared to its median 1-hour move of 9 pips. EURCAD moved -8.9 pips, exceeding its median 1-hour move of 8 pips. EURCHF saw a +6.3 pip move, slightly above its median 1-hour move of 5 pips. EURGBP moved -3.1 pips, a smaller move relative to its median 1-hour move of 5 pips. EURJPY experienced a substantial +91 pip move, significantly larger than its median 1-hour move of 7 pips and well beyond its top-quarter move of 15+ pips. EURNZD moved +3.9 pips, which is small compared to its median 1-hour move of 10 pips. EURUSD moved -7.0 pips, slightly above its median 1-hour move of 6 pips.