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Euro-Zone Inflation Data Confirms Sharp Rise in Core Rate

Euro-Zone Inflation Data Confirms Sharp Rise in Core Rate

Nick Cawley, Strategist

Talking Points

- Euro-Zone inflation is likely to fall next month as Easter’s effects fall out.

- The single currency remains firm against a weak US Dollar.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

Eurostat data confirmed Euro-Zone prices rose by 1.9% in April after falling back to 1.5% in March. The closely-watched core inflation – ex energy, food, alcohol and tobacco – rose to 1.2% from 0.7% prior, the highest rate since September 2013, and a glimmer of good news for ECB President Mario Draghi.

The rise in April’s inflation however is likely to have been fueled by a late Easter this year, with prices for holidays, hotels, air and sea transport all rising going into Easter.

Inflation is likely to slip lower next month, as Easter’s distortions fade, despite the Euro-Zone economy growing a decent clip. Growth is expected to touch 1.7% this year and 1.8% next year.

The single-currency barely moved on the final inflation releases, retaining its recent gains against both the USD and the GBP. The EUR made a six-month high against the USD earlier this week (1.11226) and made a six-week high (0.86156) against GBP.

Chart: EURUSD Daily Timeframe (January 26 - May 17, 2017).

Euro-Zone Inflation Data Confirms Sharp Rise in Core Rate

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

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