The Eurozone Harmonized Index of Consumer Prices (HICP) increased at an annual rate of 2.3% in November after reporting a 2.0% growth in October, the official data released by Eurostat showed Friday. The reading matched the market forecast of 2.3% in the reported period.
The Core HICP rose 2.8% YoY in November, a tad quicker than the 2.7% increase in October and met the 2.8% estimate.
On a monthly basis, the bloc’s HICP dropped 0.3% in November compared to October’s 0.3% acceleration. The core HICP inflation came in at -0.6% MoM in the same period versus October’s 0.2%.
The European Central Bank’s (ECB) inflation target is 2.0%. The old continent’s HICP inflation data significantly impacts the market’s pricing of the ECB's future interest rate cuts.
Key details from the Eurozone inflation report (via Eurostat)
Looking at the main components of euro area inflation, services is expected to have the highest annual rate in November (3.9%, compared with 4.0% in October), followed by food, alcohol & tobacco (2.8%, compared with 2.9% in October), non-energy industrial goods (0.7%, compared with 0.5% in October) and energy (-1.9%, compared with -4.6% in October).
EUR/USD reaction to the Eurozone inflation report
Mixed Eurozone inflation data have little to no impact on the Euro, with EUR/USD defending bids near 1.0560 as of writing. The pair is up 0.05% on the day.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | -0.01% | -0.86% | -0.11% | -0.09% | -0.35% | -0.19% | |
| EUR | 0.02% | 0.02% | -0.86% | -0.09% | -0.06% | -0.33% | -0.17% | |
| GBP | 0.00% | -0.02% | -0.90% | -0.11% | -0.08% | -0.35% | -0.21% | |
| JPY | 0.86% | 0.86% | 0.90% | 0.76% | 0.77% | 0.50% | 0.65% | |
| CAD | 0.11% | 0.09% | 0.11% | -0.76% | 0.01% | -0.24% | -0.10% | |
| AUD | 0.09% | 0.06% | 0.08% | -0.77% | -0.01% | -0.27% | -0.12% | |
| NZD | 0.35% | 0.33% | 0.35% | -0.50% | 0.24% | 0.27% | 0.14% | |
| CHF | 0.19% | 0.17% | 0.21% | -0.65% | 0.10% | 0.12% | -0.14% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
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EUR/USD trades marginally higher on the day at around 1.0550 in the European session. The data from the Eurozone showed that the annual HICP inflation rose to 2.3% in November from 2% in October, as expected. Financial markets in the US will close early on Friday.
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