Eurozone inflation continues to be tame.

As expected, Eurozone inflation rose to 1.4% on year in May from 1.2% in April, while core inflation increased to 1.2% from 1%. Inflation is well below the ECB's target of just under 2% and even verges on deflation in Greece, where it was -0.3%. Meanwhile, eurozone employment fell 0.5% on quarter in Q1 to 145.1M vs -0.3% in Q4 2012. Both sets of data could theoretically give the ECB good reasons to ease policy if it so wished.