Analysts at Rabobank point out that today sees Eurozone flash August CPI, which is expected at 2.1% y-o-y and yet just 1.1% core, neither measure changed from July.
Key Quotes
“In short, even with everything as good as it can realistically get in Europe, CPI is half what it should be on an underlying basis. Care to take a bet where it will be 12 months from now? We also have Eurozone unemployment, seen a tick lower at 8.2%.”
“In the US it’s the Chicago PMI for August, seen dipping from a heady 65.5 to a still-strong 63.0.”
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