A small beat in German inflation. While Germans may not be overly pleased with the outcome, the ECB, based in Frankfurt, seems to be inching closer to its inflation target. The European Standard HICP rose to 0.7% year over year, beating expectations for 0.6%.

EUR/USD remains entrenched in range, just under 1.0920.

Germany was expected to report a rise of 0.1% in prices m/m in the national measure. Year over year, a rise of 0.8% was expected after 0.7% beforehand. The European standard HICP carried expectations for 0.1% m/m as well but 0.6% y/y after 0.5% beforehand.

EUR/USD traded around 1.0916 ahead of the publication, not moving much after mixed data from Spain and France helped it edge higher earlier in the day.

The big event of the day is the release of US GDP. 

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