German EU harmonized CPI data:

  • Prior was 2.1%
  • Headline CPI 1.4% y/y vs 1.6% expected
  • Monthly headline +0.2% vs +0.3% expected
  • Monthly HICP +0.3% vs +0.3% expected

A weak reading was foreshadowed by the soft regional numbers earlier today. If anything, this is a bit stronger than feared.

Muted reaction in EUR/USD.