This "temporary" inflation isn't looking so temporary right now
There's were a few sighs of relief from the direction of the ECB when inflation fell back in March but that drop is being wiped out in April, if the German numbers are any indication.
The main German HICP & CPI number is out at 12.00 GMT and forecast at 1.9% for both vs 1.5% & 1.6% prior respectively.
German HICP y/y
Draghi gets let of the hook a touch today as the Eurozone numbers aren't out until tomorrow. However, watch the Eurozone economic sentiment numbers closely as they give us the consumer inflation and selling price expectations, which are an indication of how well prices are anchored.
That and these German numbers could get the euro moving higher into the announcement and presser.
