The preliminary reading on German inflation showed that it edged up 0.1% in October over September and was flat versus a year ago. That’s an improvement over -0.4% m/m in Sept and down 0.3% y/y.
The data will be a relief for the ECB but it won’t prompt them to action to hike rates anytime soon…
EUR/USD is consolidating in the 1.4780s, weighed down by soft US equities and commodities. Stocks are down 0.9% in the US and oil is down nearly $2 to $77.60.
