• Inflatiın in Germany continued to rise in August.
• EUR/USD clings to modest daily gains above parity after the data.

Annual inflation in Germany, as measured by the Consumer Price Index (CPI), rose to 7.9% in August from 7.5% in July, Germany's Destatis reported on Tuesday. This reading came in slightly higher than the market expectation of 7.8%. 

Meanwhile, the Harmonised Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, edged higher to 8.8% from 8.5% as expected.

On a monthly basis, the CPI and the HICP arrived at 0.3% and 0.4%, respectively, matching analysts' estimates.

Market reaction

These figures don't seem to be having a significant impact on the euro's performance against its major rivals. As of writing, EUR/USD was up 0.35% on the day at 1.0030.