The euro-zone reported a better than expected headline CPI: a drop of 0.1% year over year. Nevertheless, this is still negative. Core CPI stands at 0.6%, showing that oil prices are not the only ones to blame. The unemployment rate also disappoints with 11.3%, following an upwards revision to 11.4% for the previous month.

EUR/USD slips below 1.0720. The low so far is 1.0718.

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