| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 09:00 | Eurozone | Consumer Confidence | August | -13 | -13.4 | -13.5 |
| 09:00 | Eurozone | Industrial confidence | August | -10.5 | -10.6 | -9.7 |
| 09:00 | Eurozone | Economic sentiment index | August | 96.0 | 95.8 | 96.6 |
EUR fell against other major currencies in the European session on Thursday as investors digested the preliminary consumer price index (CPI) data from Spain and Germany for August.
Spain - the Eurozone’s fourth-largest economy - announced its CPI is estimated to show a 2.2% YoY gain in August, sharply down from 2.8% YoY in July. That would mark the weakest annual inflation rate since June 2023. Economists had predicted an increase of 2.4% YoY. Meanwhile, the core CPI jumped 2.7% YoY, the least since January 2022.
Meanwhile, six major states of Germany - the euro area’s largest economy - also reported a deceleration in inflation this month, indicating that the country’s flash national CPI, set to be released at 12:00 GMT, will show a noticeable decline in August.
Today’s CPI figures supported economists' forecasts that inflation in the entire Eurozone eased this month, prompting investors to raise their bets on European Central Bank interest rate decreases. According to Reuters, markets are now expecting 67 basis points rate cuts from the ECB by year-end compared to 63 basis points before the CPI reports from Spain and Germany’s major states.
The Eurozone’s flash inflation prints will be released on Friday. Economists forecast the region’s headline CPI decreased to 2.2% You in August from 2.6% You in the previous month, while the core CPI slipped to 2.8% YoY from 2.9% YoY in July.