Eurozone Preliminary HICP inflation steadies at 2.4% YoY in April, as expected

Dhwani Mehta FXStreet

The Eurozone Harmonized Index of Consumer Prices (HICP) rose at an annual pace of 2.4% in April, the same as that seen in March, according to the official data released by Eurostat on Tuesday. The market forecast was for a 2.4% growth in the reported period.

The Core HICP inflation fell to 2.7% YoY in April, as against March’s 2.9% rise while outpacing the anticipated 2.6% figure.

Meanwhile, the bloc’s HICP increased 0.6% over the month in April after rising 0.8% in March. The core HICP inflation arrived at 0.7% MoM in the same period, compared to a 1.1% raise seen previously.

The European Central Bank’s (ECB) inflation target is 2.0%. The old continent’s HICP inflation data have a major bearing on the market’s pricing of the ECB interest rate outlook.

Key details from the Eurozone inflation report (via Eurostat)

“Looking at the main components of euro area inflation, services are expected to have the highest annual rate in April (3.7%, compared with 4.0% in March), followed by food, alcohol & tobacco (2.8%, compared with 2.6% in March), non-energy industrial goods (0.9%, compared with 1.1% in March) and energy (-0.6%, compared with -1.8% in March).”

EUR/USD reaction to the Eurozone inflation report

The Euro catches a fresh bid on mixed Eurozone inflation data. EUR/USD is trading almost unchanged on the day at 1.0721, at the press time, having erased early losses.

Euro price today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.

	USD	EUR	GBP	CAD	AUD	JPY	NZD	CHF
USD		-0.02%	0.14%	0.21%	0.52%	0.40%	0.48%	0.13%
EUR	0.00%		0.14%	0.21%	0.53%	0.46%	0.48%	0.13%
GBP	-0.13%	-0.15%		0.08%	0.39%	0.26%	0.34%	0.00%
CAD	-0.21%	-0.23%	-0.07%		0.30%	0.18%	0.27%	-0.08%
AUD	-0.53%	-0.53%	-0.37%	-0.30%		-0.12%	-0.05%	-0.38%
JPY	-0.41%	-0.42%	-0.27%	-0.20%	0.12%		0.07%	-0.30%
NZD	-0.46%	-0.44%	-0.33%	-0.27%	0.05%	-0.07%		-0.34%
CHF	-0.11%	-0.15%	0.01%	0.08%	0.39%	0.30%	0.34%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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