EUR flows: German state CPIs broadly in line with consensus

German March state CPI data coming in close to expectations. NRW was unchanged at 1.9% y/y, but Baden-Wuerttemberg was down to 2.2% from 2.5%, and Bavaria was down to 2.3% from 2.4%. However, the other states are coming in on the strong side. The consensus is for the national number to see a decline in the y/y rate to 2.4% from 2.6% on an HICP basis, and 2.2% from 2.3% on a national CPI basis. The state data suggests the risks is marginally on the upside, but the national numbers should be close to consensus. EUR/USD has slipped slightly lower, but this looks like a general USD move rather than being motivated by the data.