The slight rise in German consumer price inflation in June owes to base effects, as the government provided some measures to deal with high price pressures from June to August last year. As such, keep that in mind when reviewing the numbers today as well.
The estimates show that we should see headline annual inflation fall slightly though from 6.4% in June to 6.2% in July. That will be a welcome development but monthly inflation is still expected to rise by another 0.3%.
In any case, as long as price pressures don't run up by too much, the ECB might be afforded some room to "skip" in September - after having alluded to the notion that perhaps interest rates have already peaked in the euro area yesterday.
If we do see a softer set of numbers here, that could weigh on the euro further after yesterday's plunge. Here's the agenda for today:
- 0530 GMT - North Rhine Westphalia
- 0800 GMT - Brandenburg
- 0800 GMT - Hesse
- 0800 GMT - Bavaria
- 0800 GMT - Baden Wuerttemberg
- 0900 GMT - Saxony
- 1200 GMT - Germany national preliminary figures
Do note that the releases don't exactly follow the schedule at times and may be released a little earlier or later.