Analysts at TD Securities note that the Eurozone’s headline CPI was unexpectedly revised a tick higher to 1.3% y/y in June, although core CPI was unchanged from the initial print at 1.1%.
“This is unlikely to alter the ECB's thinking all that much heading into next week's meeting, as it's not like it really changes the trajectory for core inflation. But at the margin, it does reduce the urgency to act and gives us a bit more confidence that next week will just see a change/strengthening in forward guidance, and not an outright rate cut.”
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