Eurozone Market Update
With no April meetings for the ECB, BoE or Federal Reserve, the focus shifted to economic data points critical to central bank monetary policy. Euro area Q1 GDP growth of 0.1% slightly missed market expectations of 0.2%. Germany’s GDP print was flat as public and private consumption contracted while investment and export contributed positively to growth. In April, Germany had 7.2% inflation and France had 6.9% inflation, slightly below market expectations of 7.3% and 6.7%, respectively. The eurozone’s growth continued to pick up, with April’s flash composite Purchasing Managers’ Index (PMI) coming in at 54.4 thanks to robust consumer demand, and with the services PMI improving to 56.6. EU industrial production growth of 1.5% also surpassed market expectations of 1%.
Euro Short Term Rates
Source: Bloomberg, data as at 28 April 2023
Sign up for free to read the full articleRegister Login with LinkedIn
Already have an account?Login
Download our Free Treasury App for mobile and tablet to read articles – no log in required.Download Version Download Version