EMU inflation data for April:
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Harmonised Index of Consumer Prices YoY: 7.0% versus 6.9% expected and 6.9% previously
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Core Harmonised Index of Consumer PricesYoY: 5.6% versus 5.6% expected and 5.7% previously
Eurozone inflation is still high and above ECB target. This puts the ECB in a difficult position regarding tightening cycle. Today's PMI data showed that most EU economies are currently in contraction (PMI less than 50).
At the moment, the euro is being weighed down by negative market sentiment coming from HICP and PMI data. EURUSD is facing downward pressure as sellers dominate the market. This is a result of the currency being rejected from the year-to-date high levels, which occured near 1.10940 levels in the last week. Since then EURUSD has remained in a bearish mode.
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