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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.
MNI Eurozone Inflation Insight - April 2024
MNI Eurozone Inflation Insight - April 2024
EXECUTIVE SUMMARY
June Cut Still On Cards In Spite of Momentum Uptick
The Eurozone April flash inflation round saw services inflation finally fall below 4.0% Y/Y (where it had been stuck at for the 5 months prior). However, the 3.7% Y/Y services print was actually higher than many analysts had forecasted coming into the release.- This meant that the wider Eurozone core inflation metric surprised to the upside at 2.7% Y/Y (vs 2.6% cons). The ECB’s seasonally adjusted series also pointed to an increase in core inflation momentum in April, particularly in services.
- For the ECB, the April inflation metrics are unlikely to stand in the way of the well-signalled June rate cut. However, recent trends in inflation momentum will have a bearing on rate decisions beyond June.
- Recent ECB-speak has highlighted the differences in opinion amongst policymakers on this topic, and the April data will support the hawkish contingent's calls for caution in the path ahead.
- Our review of April's preliminary Eurozone inflation data includes breakdowns and analysis of the national inflation prints, and some sell-side reactions.
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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.
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