A small disappointment from Germany: the economy grew by 0.3% in Q1 2015, worse than expected. The good news comes from monthly CPI for April, which was upgraded to 0% instead of -0.1%% originally reported.
EUR/USD seems to find reasons to rise.
Year over year, we also had disappointments with 1% year over year. If this is all that Germany can do with a very weak euro in Q1, the data serves as a warning sign towards the future.
However, the German Bundesbank which focuses on inflation, could find comfort in the better than expected CPI numbers, especially as y/y we now have a rise of 0.5% instead of 0.4% originally reported. CPI data does not often change in Germany.
The orthodox Buba could now add pressure on the ECB to curb the program, or at least hint that it will not run beyond September 2016.
Final CPI for the euro-zone is due later in the week.
Germany was expected to report a growth rate of 0.5% in Q1 2015, slightly lower from +0.7% seen in Q4 2014.
EUR/USD traded lower around 1.1240, despite strong GDP numbers from France.
