Eurozone Inflation Data

• Core Consumer Price Index (CPI) (y/y) (November), fact 1.0%, forecast 1.0%.
• Consumer Price Index (CPI) (y/y) (November), fact 1.9%, forecast 2.0%.
• Consumer Price Index (CPI) (m/m) (November), fact -0.2%, forecast -0.2%.

An inflation report in the eurozone for November largely coincided with market expectations. The exception was the CPI indicator on an annualized basis, which accelerated the decline, in effect confirming the ECB’s forecasts,  published last week.

Fig. 1. Eurozone consumer price index (CPI) (y/y) chart 

Despite optimism in the market and the growth of the euro, which ignores weak statistics for the eurozone, the upward dynamics of the euro remains limited. The growth of the euro against the dollar is largely due to a correction against Friday. Further strengthening of the EUR/USD pair is likely to be limited by resistance at levels: 1.1340 and 1.1360.

EUR/USD chart. The current price is 1.1340.

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Hanzenko Anton

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