The Eurozone inflation report will be released in a minute and this report is worth watching. The main CPI (consumer price index) has been moving lower from 2.2% in October to 1.9% in November, and it is expected to come lower again today at 1.7%.

The target of the European Central Bank is at 2%, so a weakening CPI inflation will surely raise some eyebrows there. The economic data has been weakening considerably in the H2 of last year and many major institutions are now suggesting that the ECB won’t hike interest rates this year as expected.

So, a weaker inflation report today is surely going to weigh the Euro down. Although, the core inflation number is expected to remain unchanged at 1.0%, which is also the minimum target for core CPI. A miss in both CPI figures is likely to be a double whammy for the Euro, so let’s see the report.

We will cover it live on our forex calendar section, so be sure to check it out there.