DAX unimpressed after EU HICP meets expectations

The Eurozone HICP flash June reading has just been released. As earlier noted, the markets were forecasting around a 0.1% decline in the core annualised rate, to 2.8%. It has all just come in as expected but the super core rate was 0.1% higher than forecast. The reaction across the markets has been pretty non-existent to be honest. The EUR/USD was trading just above 1.0720 again and that is where it was immediately after the report. The European stock markets are not much higher though and they were already bouncing anyway. Consequently, this has all proved to be rather a non-event, but that is the nature of this game; surprises are what we look for to deliver price action and when they do not show up, we have to just take it for what it is. The DAX traded down to a low at 18,141, from an earlier high at 18,286. In fact, it is not actually making any real headway yet, currently trading at 18,150