$EUR/USD dips below 1.1900 after German CPI

 $EUR/USD briefly fell below 1.1900 and moved toward its 9-year low scored earlier following below expectations German consumer inflation figures.

German CPI came in flat for December according to the preliminary estimates while inflation rose 0.2% on annual basis, with both readings missing expectations of 0.2% and 0.3% respectively.

$EUR/USD pushed a tad lower and hit a session low of 1.1886 before climbing back above the 1.19 mark. At time of writing, the pair is trading at 1.1910, recording a 0.77% loss on the day. 

The euro hit a 9-year low of 1.1860 during the Asian session amid fears of a 'Grexit' against a backdrop of political uncertainty in Greece and increasing expectations the ECB could announce a QE program later this month.

On Wednesday Eurozone inflation estimated will be released. EZ CPI is expected to drop 0.1% in December, its first decline since 2009, which could fuel expectations the ECB will launch bond purchases at its first meeting of the year on Jan 22.