German state, Italian and especially French inflation prints come in softer
Bolsters short-end, DE2s near the yield pullback lows
EUR/USD keeps tabs on 1.14 however
Italian HICP 3.1% y/y vs 3.2% expected and prior. This follows German state that was generally softer than expected, suggesting a y/y deceleration of around 0.2pp in the national figure later. French HICP earlier was also a clear downside miss at 2.0% vs 2.3% expected and 2.8% previously. All in all then, a batch of prints this morning that support the contention that EZ inflation data may have peaked out already. Survey data has also been suggesting the same for service inflation. While bond supportive, DE2s testing the recent 2.5% pullback yield support, EUR/USD is not straying far from the 1.14 options level that dominates today.