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European wallets shut, ECB options open

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The latest Eurozone inflation is 0.7%, both good and bad news. Yes, the figure has nudged above 2009 lows but still well below the 1.2% recorded this time a year ago.

The April figures this year show that European consumers appear to be keeping their money in their pockets with the pace of price rises in food, alcohol and tobacco lower than last month, when inflation was 0.5%.

The numbers are still within the sub one percent danger zone for the ECB. Saxo Bank's Head of Forex Strategy, John Hardy, says the latest inflation data doesn't necessarily put more pressure on the ECB to take action.