• Annual inflation in Germany held steady at 2.3% in February.
• EUR/USD continues to trade in daily range near 1.0400.

Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), held steady at 2.3% on a yearly basis in February, Destatis' flash estimate showed on Friday. This reading came in line with the market expectation.

On a monthly basis, the CPI rose by 0.4% after falling 0.2% in January. 

The Harmonized Index of Consumer Prices in Germany, the European Central Bank's preferred gauge of inflation, rose by 2.8% on a yearly basis, matching January's increase.

Market reaction

EUR/USD showed no immediate reaction to this report and was last seen trading marginally higher on the day at around 1.0400.