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PPI And Consumer Survey Bear Watching

EUROZONE DATA

Not usually market movers but the ECB's Consumer Expectations Survey and Eurozone PPI data this morning bear some attention this morning as the last such readings before the July 27 ECB decision (and thus capable of influencing the messaging about a further hike in September).

  • PPI (1000UK/1100CET) is seen coming in at -1.3% Y/Y for the first negative reading since Dec 2020 (and vs 43.4% at last August's peak). M/M seen declining for the 6th month in 7 (-1.7%).
  • ECB CES for May will be released at this link (0900UK/1000CET) - it will again be eyed primarily for any movement in consumers' inflation expectations, after the disinflationary pullback in the most recent survey for April. We previewed this yesterday.
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