Core inflation dropped from the highs but growth still looks OK. Wages and employment are on the rise but the clash between the EU and Itay weighs on the euro-zone. The European Central Bank is set to leave its policy measures unchanged after bond-buying was tapered down to 15 billion euros per month. But what message will they convey? ECB President Mario Draghi will meet the press for a lively press conference and he always moves EUR/USD. Last time he was quite optimistic, but this time may be different.
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Core inflation fell back down to 0.9% and does not seem to pick up. However, headline inflation holds above 2% and employment continues improving, even in Spain. Draghi, an Italian and the former Governor of the Bank of Italy, is unlikely to respond to questions about his country’s breach of the European Commission’s deficit guidelines.
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