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Eurozone Preliminary CPI rises by 1.2% YoY in Feb, meets estimates – EUR/USD unmoved

According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at +1.2% in February, meeting expectations of +1.2% and +1.4% previous.

Meanwhile, the core figures arrived at +1.2% in the reported month when compared to 1.2% expectations and +1.1% previous.

Separately, Eurozone February Unemployment Rate was reported that came in at 7.4% vs 7.4% expected.

Key details (via Eurostat):

“Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in February (2.2%, compared with 2.1% in January), followed by services (1.6%, compared with 1.5% in January), non-energy industrial goods (0.5%, compared with 0.3% in January) and energy (-0.3%, compared with 1.9% in January).”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by 1.7% YoY in February and remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.

FX implications:

On the data release, the shared currency showed little reaction, as EUR/USD kept its range near-around 1.1125 region. The spot hit a new daily low at 1.1100 in the last hour. All eyes remain on the G7 call on the coronavirus impact and a likely coordinated global policy response.

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