Eurozone final CPI meets estimates with 0.9% MoM in March, EUR/USD unfazed
|- Eurozone inflation arrives at 1.3% YoY in March.
- Monthly CPI in the bloc rises by 0.9% in March.
- EUR/USD defends minor bids, unfazed around 1.1975 on the data release.
According to Eurostat’s final reading of the Eurozone CPI report for March, the consumer prices came in at 1.3% on a yearly basis, meeting the flash estimate of 1.3% and 1.3% expectations. While the core figures steadied at 1.4%, also matching the 0.9% consensus forecasts.
On a monthly basis, the bloc’s CPI figure for March arrived at 0.9% versus 0.9% expectations and 0.9% previous while the core CPI numbers arrived at 1.0% versus 1.0% expected and 1.0% last.
Key details (via Eurostat):
The lowest annual rates were registered in Greece (-2.0%), Portugal, Malta, Ireland and Slovenia (all 0.1%). The highest annual rates were recorded in Poland (4.4%), Hungary (3.9%), Romania and Luxembourg (both 2.5%). Compared with February, annual inflation fell in three Member States, remained stable in three and rose in twentyone.
In March, the highest contribution to the annual euro area inflation rate came from services (+0.57 percentage points, pp), followed by energy (+0.43 pp), food, alcohol & tobacco (+0.24 pp) and non-energy industrial goods (+0.09 pp).
FX implications:
EUR/USD is trading around 1.1975, paying little heed to the EZ CPI figures. The spot once again faced rejection just below the 1.2000 barrier.
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