EUR/USD Dips as German Inflation Misses Estimate

EUR/USD plunged today as the German inflation data disappointed euro bulls, missing the analysts’ estimates. This increases chances for quantitative easing from the European Central Bank. Meanwhile, US economic data was disappointing too, but it did not help the currency pair to bounce.
S&P/Case-Shiller home price index rose 12.9% in February from a year ago, exactly as was expected by market participants. The growth was at 13.2% in the prior month. (Event A on the chart.)
Consumer confidence ticked down from the revised March reading of 83.9 (82.3 before the revision) to 82.3 in April, missing the analysts’ estimate of 82.9. (Event B on the chart.)

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