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2 Mar 2015
Better than anticipated Eurozone CPI wont deviate ECB’s QE – TDS
FXStreet (Barcelona) - The TD Securities Team reviews today’s Eurozone data release, and note that the above consensus print of Eurozone CPI at -0.3% yoy wont significantly impact ECB’s QE commitment.
Key Quotes
“Eurozone flash CPI was stronger than the stale consensus coming in at –0.3% Y/Y (consensus: –0.4%, prior: -0.6%) with core CPI in line with expectations at 0.6% Y/Y. This was not a surprise following the upside surprises seen in German, Italian and Spanish national prints on Friday, with the German print apparently led by higher food prices.”
“That being said, any upside here shouldn’t have a significant market impact as the ECB has already committed to doing QE until at least September 2016, and the focus for markets will be on the start of EGB purchases in March.”
“Eurozone, French and German manufacturing PMIs were only marginally changed from their preliminary prints but we saw a downside surprise in Spain and upside surprise in Italy.”
Key Quotes
“Eurozone flash CPI was stronger than the stale consensus coming in at –0.3% Y/Y (consensus: –0.4%, prior: -0.6%) with core CPI in line with expectations at 0.6% Y/Y. This was not a surprise following the upside surprises seen in German, Italian and Spanish national prints on Friday, with the German print apparently led by higher food prices.”
“That being said, any upside here shouldn’t have a significant market impact as the ECB has already committed to doing QE until at least September 2016, and the focus for markets will be on the start of EGB purchases in March.”
“Eurozone, French and German manufacturing PMIs were only marginally changed from their preliminary prints but we saw a downside surprise in Spain and upside surprise in Italy.”