The German CPI data was released at 1:00 pm GMT and it came in above estimates. Market expected a deceleration to 1% YoY from 1.2% YoY but the reading showed a slowdown to 1.1% YoY. A point to note is that the Spanish CPI data that was released in the morning also came in above estimates. Release of the German data helped USD recover from a drop caused by better-than-expect US GDP report.
EURUSD recovered after the release of the German CPI data but still remains below the important price level of 1.1125. Source: xStation5
