According to Destatis, the preliminary Inflation Rate in Germany showed consumer prices rising at a monthly 0.2% in January (from 0.1%) and 2.9% over the last twelve months (from 3.7%).

Furthermore, the resurgence of disinflationary pressures rapidly left behind the annualized rebound observed in the CPI in the last month of 2023.

Market reaction: EUR/USD keeps daily highs near 1.0840

Soon in the wake of the release, price action in EUR/USD remained quite apathetic in the upper end of the daily range around 1.0840, as investors get ready for the publication of the ADP report.