German inflation as a bellwether for Euro area inflation on Thursday

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German inflation as a bellwether for Euro area inflation on Thursday
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In the US, JOLTs Job Openings are due for release for February.

In focus today As companies have reported cooling hiring plans and availability of workers has improved, we expect job openings to trend lower over the coming months, which would pave way for the first rate cut from the Fed. In the euro area, focus is on German inflation data ahead of the important euro area inflation print for March on Thursday. The data released from other countries during Easter indicate that euro area HICP inflation on Thursday will be lower than the consensus forecast of 2.

Following the March rate hike, this probably does not change much for the BoJ, which will think twice before moving again. It does however confirm that the economy remains robust, supported by particularly foreign demand, which is a prerequisite for tightening further. Tokyo March inflation declined a bit to 2.4% on the back of core inflation pressures still close to an annualised 2%.

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