German CPI Miss Weighs on EURUSD as Core Inflation Rises

Germany's May preliminary CPI missed expectations at +2.6% y/y versus +2.9% forecast, adding to downside pressure on EURUSD after softer French and Spanish prints. The session began with Irish SME sentiment deteriorating sharply and Eurozone business confidence rising modestly to 93.5. Germany's April import prices beat forecasts but showed sharp deceleration, while Italy matched expectations; core German inflation climbed to +2.5%, keeping some ECB rate risks alive despite the headline weakness.