Eurozone Preliminary CPI arrives at +1.0% YoY in Nov vs. +0.9% expected - EUR/USD unfazed

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According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at +1.0% in November, beating expectations of +0.9% and up from +0.7% previous.

Meanwhile, the core figure arrived at +1.3% in the reported month when compared to +1.2% expectations and +1.1% previous.

Separately, the Eurozone Unemployment Rate for October stood at 7.5% vs. 7.5% expected and 7.5% last.

Key Details (via Eurostat):

“Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in November (2.0%, compared with 1.5% in October), followed by services (1.9%, compared with 1.5% in October), non-energy industrial goods (0.4%, compared with 0.3% in October) and energy (-3.2%, compared with -3.1% in October).”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by 1.2% YoY but remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.

Meanwhile, the common currency ignored the better-than-expected Eurozone CPI report for November, with EUR/USD keeping its range play intact just ahead of the 1.10 handle, as the bears await fresh catalysts for a fresh leg towards 1.0950/30 levels.