Germany CPI y/y comes in at 2.9% against 2.2% consensus

Germany’s Consumer Price Index (CPI) year over year for August was reported at 2.9%. This figure came in above the consensus expectation of 2.2% and also exceeded the previous month’s reading of 2.6%. The actual print represented a 31.8% surprise relative to the consensus forecast.

Following the release, EUR crosses showed varied movement over the subsequent hour. EURJPY moved +17 pips, aligning with its top-quarter historical moves of 17+ pips after past releases. EURCAD declined by -9.7 pips, which is close to its median 1-hour move of 10 pips. Other pairs, including EURAUD, EURCHF, EURGBP, EURNZD, and EURUSD, experienced more modest shifts. EURAUD moved +1.2 pips, EURCHF -1.2 pips, EURGBP -1.3 pips, EURNZD +2.2 pips, and EURUSD -1.3 pips. These moves were small when compared to their respective median 1-hour historical movements, which range from 5 pips to 13 pips for these pairs.