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As the critical week begins, with the US Federal Reserve (Fed), the Bank of England (BoE), and the Bank of Japan (BoJ) set to announce their interest rate decisions, inflation data from regions, especially the Eurozone in Europe, continues to be closely monitored. High inflation, geopolitical tensions, and the policy steps of central banks continue to attract the attention of investors in traditional markets as well as the cryptocurrency market, as Eurozone inflation data for February has been released.
Eurozone Inflation Data Released
In Europe, Eurozone inflation data was the focal point for investors. Indeed, the inflation data for February released today signals that inflation in the region is not falling but maintaining a trend of not rising, indicating a relatively positive tendency.
According to the released data, the Core Consumer Price Index (CPI) for the Eurozone, excluding energy and food prices, was announced at 0.7% for February. Expectations were for the data to be announced at 0.7%. The annual core CPI data for February was announced at 3.1%. The annual CPI data for February was expected to be announced at 3.1%.
On the other hand, the monthly CPI data for February was announced at 0.6 (expectation 0.6), and the annual CPI data for February was announced at 2.6 (expectation 2.6).
ECB Last Held Interest Rates Steady
Following the Eurozone inflation data, all eyes turned to the European Central Bank (ECB) and its future course of action. Last week, the ECB kept its three key policy interest rates steady in line with market expectations and stated that inflation was falling faster than expected. The bank had kept the main refinancing rate steady at 4.5%, in line with expectations. This level was recorded as the highest in the last 22 years. The deposit interest rate was also left at a historic high of 4%. The marginal lending rate was set at 4.75%.
The ECB is expected to cut interest rates “towards summer,” and this possibility is being closely watched in the markets. Experts indicate that inflation will be the main determinant of this possibility and that the trend of decreasing inflation is critical.
