Contrasting Eurozone CPI data leaves the EUR/USD as it was

The flash November reading of Eurozone CPI (HICP) has just been released. The markets were anticipating annualised prices to rise by around 2.3%, following a 2% rise in October.  Conversely the monthly reading was forecast to fall, by around 0.2%, from a prior gain of 0.3%. That has actually fallen by 0.3%. The annualised reading was as expected, at 2.3%.  Ahead of this release the EUR/USD had been falling back back to a European session low at 1.0552. It was trading at around 1.0557 leading into the data. The reaction to these numbers has not really delivered much of a move and that is surely due to the diverging monthly and annualised readings of that CPI data. That said, there will be some that might argue; the higher longer-term reading is a good excuse for the ECB to pause on further rate cuts next month, on December 12. The opinion here would not agree with that though. The EUR/USD is currently trading at 1.0559