The ECB in its monthly bulletin says there are signs inflationary pressures are easing in the euro zone.
The bulletin as usual is a close repeat of the statement read by ECB President Trichet at the ECB policy meeting last week.
It says “Signs of a more broad-based reduction in inflationary pressure are increasingly emerging.”
Regarding growth, it says the contraction during the January-March period was clearly worse than expected, but that there are tentative signs of stabilisation.
The bulletin reads “This weakening in the first quarter appears to have been significantly more pronounced than projected in March” but “More recently, there have been some tentative signs in survey data of a stabilisation, albeit at very low levels.”
EUR/USD is ticking higher, presently at 1.3600.
