Release Explanation: The release measures the change in the price of goods purchased by importers.

Trade Desk Thoughts: In January German import prices fell by 0.5%, extending the record pace of declines set over the last few months. From January 2008 the index is down by 5.4%, the biggest YoY decline since 1999. During the summer months of 2008 the index stood at a record 9.3% year over year, but huge declines in the energy component of over 22.5% dragged the index lower.

Forex Technical Reaction: The euro fell 20 pips during the release. Previously the euro had advanced 60 pips against the dollar, and 40 pips against the pound.