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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
The ECB’s underlying Eurozone inflation metrics moderated in April. In particular, PCCI ex-energy and food – the ECB’s preferred measure of medium-term inflation pressures – fell back below 2% to 1.86% Y/Y (vs 2.02% prior).
- The headline PCCI index also moderated a tenth to 1.88% Y/Y.
- Other underlying metrics (e.g. weighted median, trimmed mean and supercore) continued their downward trajectory, with supercore the only series still tracking above 3% Y/Y (3.1% in April vs 3.4% prior).
- A June ECB cut appears all but inevitable at this stage, but further underlying inflation readings such as the above (i.e. PCCI showing no signs off reacceleration, other metrics continuing to moderate) should offer support to market pricing for two additional cuts in the remainder of 2024 (in addition to June).
- Of course, the ECB will judge these metrics alongside the full Q1 national accounts, which will be released on June 7 (the day after the June 6 ECB meeting) and will contain key information on the GDP deflator and its components.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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