France HICP m/m comes in at -0.4% against 0.5% consensus

France’s Harmonized Index of Consumer Prices (HICP) month over month for September came in at -0.4%. This figure was significantly below the consensus expectation of 0.5%. The actual print also marked a notable decrease from the previous month’s reading of 0.7%. The surprise against consensus was -180.0%.

Following the release, the euro showed varied movement against major currencies. EURUSD traded -3.7 pips lower 15 minutes after the data. EURJPY saw a move of -13 pips lower over the same period. Other pairs like EURCAD, EURCHF, EURGBP, and EURNZD also registered declines, moving -1.4 pips, -2.8 pips, -3.9 pips, and -1.9 pips respectively. EURAUD moved +0.4 pips higher. These initial movements are relatively small when compared to the typical 1-hour median moves for these pairs, which range from 6 pips for EURCHF and EURGBP to 14 pips for EURAUD and EURNZD after past releases.