France CPI m/m comes in at 0.7% against 0.3% consensus

France’s Consumer Price Index month over month (CPI m/m) for August came in at 0.7%. This figure was higher than the consensus expectation of 0.3%, representing a surprise of 133.3% against the forecast. The previous month’s reading was 0.6%.

Following the release, the euro showed limited movement against major pairs in the initial 15 minutes. EURUSD traded up 0.9 pips, while EURCAD showed no change. EURAUD was down 0.6 pips, EURCHF was up 0.4 pips, EURGBP was up 0.3 pips, EURJPY was down 1.8 pips, and EURNZD was down 2.0 pips. These observed movements are relatively small when compared to the historical median 1-hour moves for France CPI releases. For instance, EURUSD typically sees a median 1-hour move of 8 pips, EURAUD 14 pips, and EURJPY 12 pips after past releases.