Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), rose to 2% on a yearly basis in October from 1.6% in September, Destatis' flash estimate showed on Wednesday. This reading came in above the market expectation of 1.8%.
On a monthly basis, the CPI rose 0.4% after staying unchanged in September.
The Harmonized Index of Consumer Prices in Germany, the European Central Bank's preferred gauge of inflation, increased 2.4% on a yearly basis, up sharply from the 1.8% increase recorded in September.
EUR/USD recovered slightly from session lows after these data and was last seen trading flat on the day near 1.0820.
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.