The flash CPI estimates released for the Euro Area on Friday showed headline CPI estimates to have remained flat at 0.00%, while core CPI increased to 1.00%, rising above estimates and up from last month's 0.90% print. While the modest uptick in the core CPI reading might be something to cheer about, inflation remains at the same levels recorded since the ECB started its massive bond purchase program. In light of the CPI estimates, the focus turns to Draghi's speeches during this upcoming week where he is due to present at the ECB banking forum in Frankfurt. The markets will be carefully watching for any new hints from Draghi as far as strategies for tackling inflation and the steps the ECB will need to take thereof. EURUSD closed Friday's session on a bullish note, trending marginally above the 1.1000 psychological level.
PMI Data to Kick Off New Month
Daily Analysis - 02/11/2015