When is German prelim CPI and how could affect EUR/USD?

German prelim CPI Overview

The German inflation data is up for release later this session at 1300GMT, with the CPI figures expected to rise 0.6% in Feb, versus 0.6% decline seen a month ago, while adding 2.1% annually, compared to the 1.9% result reported in Jan.

Germany's regional CPIs released earlier today painted a rosy picture of the harmonized German CPI report, with Brandenburg inflation for the month of Feb YoY coming in at +2.0% versus +1.7% prev. In Hesse, YoY rose +2.5%, versus +2.4% prev. Meanwhile, in Bavaria, YoY also rose 2.1% versus +1.7% last. In Saxony, Feb inflation YoY came in at +2.4% versus +2.3% prev.  

How could affect EUR/USD?

On a better CP print, we could see a fresh bout of buying interest around the euro, pushing the EUR/USD pair towards 1.06 handle. However, if the readings disappoint, the rate could breach the key support of 1.0520.

Key notes

EUR/USD Forecast: fresh lows expected on a break below 1.0520

From a technical point of view, the pair retains the bearish tone set at the beginning of the day, as in the 4 hours chart, technical indicators keep heading lower within bearish territory, whilst the price remains well below its 20 and 100 SMA, having retreated from this last twice ever since the week started.

About German prelim CPI

The Germany consumer price index released by the Statistisches Bundesamt Deutschland measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends. A high reading is positive (or Bullish) for the EUR, while a low reading is negative (or bearish).