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Notizie economiche
06.01.2025

European session review: EUR trades mixed ahead of this week's euro area flash inflation data

TimeCountryEventPeriodPrevious valueForecastActual
08:55GermanyServices PMIDecember49.351.051.2
09:00EurozoneServices PMIDecember49.551.451.6
09:30United KingdomPurchasing Manager Index ServicesDecember50.851.451.1


EUR traded mixed against the other major currencies in the European session on Monday as investors prepared for the release of the Eurozone’s preliminary inflation data for December later this week.

The single European currency strengthened versus USD, JPY, and SEK, but weakened versus CAD, AUD and GBP.

Later in the day, investors will receive the flash inflation figures from Germany, the euro area’s largest economy. Economists expect to see a 2.4% YoY increase in German CPI for December, up from 2.2% YoY in the previous month. This would mark the highest annual inflation rate since May.    

Today's German inflation report will be followed by preliminary CPI data for France, Italy and the entire Eurozone on Tuesday. 

The euro area’s CPI is forecast to show a 2.4% YoY gain for December, up from 2.2% in November, while the core inflation gauge is seen to remain unchanged at 2.7% YoY. 

If data come hotter than expected, this might prompt markets to trim bets on the European Central Bank's rate cuts this year, which currently suggest four rate decreases.

Markets also digested the data from Sentix, which showed that investor confidence in the Eurozone dropped in January to its lowest level in more than a year. The Sentix index for the region declined to -17.7 in January from -17.5 in December. This represented the lowest reading since November 2023. Economists had predicted the indicator to come in at -18.0.


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