| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | Retail sales, real adjusted | April | 2.6% | -0.1% | -1.2% |
| 06:30 | Switzerland | Retail Sales (MoM) | April | -0.4% | -1.1% | 0.2% |
| 06:45 | France | GDP, q/q | Quarter I | 0.1% | 0.2% | 0.2% |
| 06:45 | France | CPI, y/y | May | 2.2% | 2.4% | 2.2% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | May | 2.4% | 2.5% | 2.6% |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | May | 2.7% | 2.8% | 2.9% |
| 09:00 | Eurozone | Harmonized CPI | May | 0.6% | 0.1% | 0.2% |
EUR strengthened against most of its major rivals in the European session on Friday as investors responded to the latest data from the Eurozone, which showed the region’s inflation rebounded more than forecast in May, adding to uncertainty about the European Central Bank’s interest rate path beyond a potential rate cut in June.
Eurostat reported earlier today that its preliminary estimates revealed that consumer prices soared 2.6% YoY in May, accelerating from 2.4% YoY in April. Economists had predicted a 2.5% YoY gain. The core consumer prices also exceeded economists’ expectations by hastening to 2.9% YoY from 2.7% YoY in the previous month.
While the hotter-than-expected inflation report is seen by markets as not enough to stop the ECB from a 25-basis-point rate decrease, when it meets next Thursday, it adds to doubts about the future performance of inflation in the Eurozone and the path of the ECB monetary policy.