Germany CPI m/m comes in at 0.2% against -0.2% consensus

Germany’s Consumer Price Index month over month for August was released today, showing an actual figure of 0.2%. This print significantly exceeded market expectations, which had converged on a consensus of -0.2%. The previous month’s reading was also -0.2%. The actual result represents a 200.0% surprise compared to the consensus forecast.

Following the release, market reactions varied across EUR pairs. One hour after the data, EURJPY saw a move of +17 pips, which is larger than its median 1-hour move of 9 pips observed after past releases. EURCAD moved -9.7 pips, close to its median 1-hour move of 10 pips. Other pairs experienced relatively smaller moves compared to their historical medians. EURAUD moved +1.2 pips against a median of 12 pips, EURCHF moved -1.2 pips against a median of 5 pips, EURGBP moved -1.3 pips against a median of 6 pips, EURNZD moved +2.2 pips against a median of 13 pips, and EURUSD moved -1.3 pips against a median of 7 pips.