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Euro area inflation increased for the first time in five months

Tuesday, Jun 02 2015
Euro area annual inflation is expected to be 0.3% in May 2015, up from 0.0% in April, according to a flash estimate from Eurostat. Analysts were anticipating increase to 0.2%. This is the first time, after five months that Eurozone inflation recovered from deflation area, indicating that ECB monetary measures are showing real results.
 
Looking at the main components of euro area inflation, services (1.3%, compared with 1.0% in April) is expected to have the highest annual rate in May, followed by food, alcohol & tobacco (1.2%, compared with 1.0% in April), non-energy industrial goods (0.3%, compared with 0.1% in April) and energy (-5.0%, compared with -5.8% in April).  
 
After the figures Sterling was pushed higher and is currently being traded few points below 1.0980 level. Pair is likely to find support around 1.09 handle and resistance around 1.1020 area. Later today, in the US session, Factory Orders figures will be released.
More in this category: « Construction PMI up in May USD pushed lower against its major rivals »

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