Eurozone CPI rates are also unchanged
No change to Eurozone inflation after the Mar release showed the headline CPI rate unchanged at 1.4%. Core CPI was expected to hold 0.8% and duly came in as forecast so there is little to change the EUR dynamic this morning from a data perspective.
We also got the Feb trade balance recording a higher than expected surplus of Eur17.9bln, up from Eur1.5bln in Jan and higher than the median consensus reading of Eur12.3bln.
These numbers will likely help keep the EUR on an even keel at least. The cross rates are driving the single currency higher more than flow going through the spot rate alone, with notable gains in EUR/CHF which has now pierced the 1.1400 level.
EUR/GBP is also grinding a slow path towards 0.8700 as we spoke of earlier, and this is now weighing on Cable has EUR/USD resistance at 1.1315-25 continues to frustrate buyers looking for an adjustment here.
That said, yesterday's reports that certain ECB members are questioning the optimistic outlook on Eurozone growth for the second half of the year should perhaps have received a little more attention than it did, prompting a brief EUR/USD move down to 1.1275-80 before pushing back up again.
More Eurozone data to consider tomorrow as we get the April PMIs, so traders will likely keep some of their powder dry until then.