The Statistisches Bundesamt has just released preliminary inflation figures for April. The report fell short of expectations, coming in at 2.2% on an annual basis versus the expected 2.3% y/y and an earlier reading of 2.2%.
On a monthly basis, inflation accelerated by 0.5% against an expected 0.6% m/m and an earlier reading of 0.4% m/m (the estimate was for no change m/m).
Shortly after the reading, the EURUSD pair saw a very short upward move.