The data released this morning, Monday, June 28, according to the report of the German Federal Statistics Office, Destatis, showed an increase in the German import price index by 11.8% in May on an annual basis, recording the largest pace of increase since October 1981, while the monthly index rose by 1.7% Compared to 1.4%, better than expectations, which indicated a decline to 1.3%.
This rise in the index was supported by a rise in imports of the energy sector, after the rises that accompanied crude prices in May.
On the other hand, exports rose by 4.2% in May on an annual basis, the largest increase for the index since 2011, and by about 0.7% on a monthly basis.
The markets are awaiting the middle of today’s session, statements by German Central Bank Governor Weidmann.
The euro is trading at 1.1935 levels against the US dollar, close to the opening levels, after a rise of more than 70
pips recorded by the pair last week.
07/11/2024
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