BREAKING: EMU HICP still high!

10:03 AM 2 May 2023

EMU inflation data for April:

Harmonised Index of Consumer Prices YoY: 7.0% versus 6.9% expected and 6.9% previously
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).

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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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