European inflation hits 18-month nadir

Initial estimations for European consumer prices showed them up 5.3% in July, the slowest such pace since January 2022, and matching expectations, while down from 5.5% in the previous reading.

Core prices, excluding food and energy, rose 5.5%, same as before.

Such data clearly shows inflationary pressures on the European Central Banks remain rather high, which paves the way for multiple more interest rate hikes, in turn boosting euro.