Headline euro area CPI dips in June

17 Juillet, 2017, 15:31 | Author: Claudine Rigal
  • The Dollar Slides, with Carney and the Pound in Focus

Data released on Monday showed Euro zone consumer prices rose 1.3 percent year-on-year in June, in line with market expectations, decelerating form 1.4 percent in May and 1.9 percent in April.

Time is running out for the European Central Bank to announce the next stage of its QE asset purchase programme, which is now set to expire in December.

Compared to May 2017, consumer prices in the European Union and the eurozone remained stable.

Core inflation that excludes energy, food, alcohol and tobacco, increased to 1.1% in June, in line with preliminary estimate, from 0.9% a month ago. The economy expanded for the sixteenth consecutive quarter in Q1 2017, while indicators suggest that Q2 growth could be at least as strong as the robust 0.6 percent q/q pace seen in Q1.

The stubborn refusal of inflationary pressure to pick up towards the ECB's two per cent target, despite the continued fall in unemployment in the Eurozone, has made the central bank wary of raising tightening conditions either by stopping quantitative easing (QE) or raising its key interest rates.

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Inflation eased slightly to 1.3% in June from 1.4% in May.

EUR/USD was trading at 1.1465 at around 1115 GMT.

At the beginning of the year Draghi had come under sustained pressure to tighten policy sooner rather than later, given a surge in inflation to the two per cent target in February. The pair is extending gains from lows of 1.0340 last seen since Dec 2002.

FxWirePro's Hourly EUR Spot Index was neutral at -65.7618.

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