At 11:00 am, Eurostat published data on the CPI index in the euro area for April, which is a measure of consumer inflation. In annual terms, a reading of 1.2% was expected.
Readings in line with forecasts
In March this year inflation in annual terms, in Eurozone stood at 1.3%, while today’s reading for April, shows drop to 1.2%, which was in line with market forecasts.
As for the entire European Union, annual inflation stood at 1.4%. There is also a drop from 1.5% recorded in March this year.
The lowest level of inflation was recorded in Cyprus (-0.3%), Ireland (-0.1%) and Portugal (0.3%). However, it was highest in Romania (4.3%), Slovakia (3%) and Estonia (2.9%).
The EURUSD is sliding into new minima this week, following the publication of Eurostat. Already yesterday, last week’s low was broken, which at the same time set the minimum of the pin bar from the weekly chart.
It seems, therefore, that declines on the main currency pair will be continued, and the nearest key support, which may be followed by quotations, is visible near 1.1740.