The CPI flash estimate is a closely watched index due to the importance associated with predicting a benchmark interest rates hike in the zone, where the index reflects high or low inflation levels and is critical for the European central bank to compare it with inflation targets at the bank.

The Euro zone released the annual consumer price index flash estimate for June, where the CPI flash estimate came unchanged by 2.7% as the prior reading for May but below the expected estimate of 2.8%.