Eurozone: Trade surplus widens, inflation on expected lines - BBH

The research team at BBH notes that the Eurozone reported final March CPI and trade figures which were the key economic releases for today’s session.  

Key Quotes

“Inflation was 1.5% y/y, as expected, while the trade surplus was slightly larger than expected and rising to a seasonally adjusted EUR19.2 bln.  Data had little impact, as markets are focused on the first round of France’s presidential election this Sunday.  In what has basically become a 4-person race, the potential mix of the top two candidates will be key for the euro.”

“Composites of polls show Macron and Le Pen leading the race.  However, Fillon and Melenchon have closed the gap in recent days and either one could conceivably take one of the top spots too.  A Melenchon/Le Pen matchup in the second round would be the least market-friendly outcome, in our view.”