NEW YORK (Forex News Now) – Germany’s national statistical bureau, Destatis, is due on Wednesday to publish preliminary data on the consumer price index, in the day’s major realtime forex news event affecting the euro.
The report is expected to show that the price of goods and services purchased by consumers rose by 0.8% in December, according to online FX trading news sites, up from the mark of 0.1% recorded the previous month.
Destatis does not give an exact time for when the report will be released, as it is comprised of data gathered from six German states who report their CPI throughout the day.
However, the release of the report may be overshadowed by same-day data on private loans and money supply, both being released at 9:00 A.M., GMT.
According to EUR/USD analysis, a higher-than-expected rise in the CPI could lift the currency pair toward short-term resistance around the Dec. 22 high of 1.3181.
But should the data show the opposite, EUR/USD could push toward short-term support around the Dec. 1 low of 1.2971.