German March HICP +1.5% vs +1.6% eexpected

German inflation data

• HICP m/m +0.6% vs 0.6% exp
• CPI +1.3% y/y vs +1.5% expected
• CPI +0.4% m/m vs +0.6% expected

Not a great sign on inflation. The regional numbers earlier had all missed so this was priced in by the time the numbers hit. The euro is down 18 pips to 1.1226 on the day.