A slump in euro-area consumer prices eased in March, offering respite to the ECB after it pledged to buy €1.1T of assets through September 2016 to fend off deflation. According to flash estimates released by Eurostat this morning, the annual rate of inflation climbed to -0.1% from -0.3% in February. Other data also showed the region's unemployment rate falling to 11.3% last month, down slightly from 11.4% in January.
Meanwhile, the euro fell for a second day, heading toward a fourth straight quarter of declines, amid concerns Greece will fail to reach an agreement with its European partners to unlock a fresh lifeline of €7.2B. The currency is now down 0.9% at $1.0737 after sliding 0.5% on Monday - weakening 11% this year against the dollar. Greece's creditors said yesterday that the reform plan the country submitted over the weekend fell short of the needed requirements