It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
ECB slow tapering is underpinned by soft German inflation
In October, German annual inflation slowed and stood below the ECB’s objective, as data disclosed on Monday, giving support to the bank's initiative to slowly withdraw monetary stimulus.
Consumer prices, stabilized compared to other European countries, rallied by 1.5% on the year after September’s lift of 1.8%, as the Federal Statistics Office informed. Prices slumped by 0.1% on the month.
Both figures managed to undershoot expectations. As a matter of fact, a Reuters survey had pointed to a jump of 1.7% on the year as well as an ascend of 0.1% on the month.
The previous week the ECB told that it would have its bond purchases reduced in half from January, although decided to extend the program until the end of September, pledged to bring years of stimulus and also welcomed backtracking, pointing to muted price pressures.
As a breakdown of non-harmonized German data unveiled, only food inflation had edged up from September.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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