EUR CPI y/y comes in at 2.8% against 3% consensus

Eurozone Consumer Price Index year over year for July was reported at 2.8%, falling below the consensus estimate of 3%. The previous reading was also 3%. This print represents a -6.7% surprise compared to analyst expectations.

Approximately 15 minutes after the release, EURUSD traded -2.9 pips lower, while EURAUD was up +3.7 pips. EURCAD showed no change at 0.0 pips, EURCHF was up +1.1 pips, EURGBP was down -0.7 pips, EURJPY was up +2.5 pips, and EURNZD was up +0.3 pips. These initial moves are generally smaller than the median 1-hour moves observed after past CPI releases. For context, EURUSD typically sees a median 1-hour move of 5 pips, EURAUD 9 pips, EURCAD 8 pips, EURCHF 5 pips, EURGBP 5 pips, EURJPY 7 pips, and EURNZD 10 pips.