February’s production price index for Germany was announced at the start of today’s European session. The announced figures were 0.7% on a month to month basis which was lower than the 1.2% level of the previous moth while on a yearly basis the figure was increased to 6.4% from the previous year’s 5.7%. The figures met the market’s expectations. The EURUSD started today’s session at 1.4071 after recording a new 4 month high yesterday. Fifteen minutes after the announcement the pair developed a peak point of 1.4080, however this cannot be said if this peak has occurred due to this news announcement as it is only the start of the session and the Euro has been gaining over the last days.
The production price index measures by how much on average prices would change in primary markets. Increases in this index would usually be associated by bullish behavior of the associated currency. The pair is currently traded at 1.40601.