Eurozone CPI rises 0.3% MoM in June – EUR/USD clings to gains above 1.1400 mark

• Eurozone annual inflation arrived at +0.3% in June.
• Monthly inflation in the bloc rises 0.3% in June.
• EUR/USD clings to gains, above the 1.1400 mark. 

According to Eurostat’s final reading of the Eurozone CPI report for June, the consumer prices rose +0.3% on a yearly basis, matching the flash estimate. Meanwhile, the core figures also matched market expectations and came in at 0.8% YoY during the reported month.

On a monthly basis, the bloc’s headline CPI climbed 0.3% in June and the core CPI numbers also matched preliminary estimates, indicating a rise of 0.3%.

The data remained supportive of the strong bid tone surrounding the shared currency, which assisted the EUR/USD pair to hold comfortably above the 1.1400 mark. The key focus remains on the EU Summit, starting this Friday, where the European leaders are expected to make progress in agreeing on the proposed €750 billion coronavirus recovery fund, aimed at aiding the region’s worst-hit economies.