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German Inflation Data Slowed in May

A preliminary measure of Germany's CPI in May showed a -0.1% reading. This follows a -0.2% reading in April, reducing inflation concerns for the ECB.

Economists had forecast a 0.1% reading for May.

Annual inflation was 0.7% in April, and is estimated to be 0.9% in May. This number is way below the ECB's inflation target of 2.0%, and thus gives the bank room to increase stimulus measures when it meets on Thursday this week.

The EUR/USD was held around 1.36. This seems to be the level to clear to extend its current down swing that started from the 1.3993 high on the year made on 5/8.