And there is the inflation.
Eurozone inflation accelerated past the European Central Bank's target for the first time in more than a year this month, the region's statistics office estimated Friday. But a slowing in core consumer prices held currency gains in check as investors continue to ask questions about the pace of growth in the broader economy.
Consumer prices around the single currency area accelerated by 2% from the same period last year, Eurostat said, that's up from 1.9% last month and modestly faster than the "just below 2%" target that the ECB uses to define price stability. However, when the volatile components of food, energy, alcohol and tobacco products were stripped away, so-called "core" inflation actually slowed to 1% from 1.1% last month, capping gains for the euro and support ECB President Mario Draghi's cautious monetary policy stance.
"The higher oil price will keep the headline inflation rate higher over the summer months, after which it is likely to converge towards the lower core inflation rate," said ING economist Bert Colijn. "Core inflation is set to improve slowly over the second half of the year. With wage growth improving at a snail's pace, it still seems unlikely that there are significant upside surprises to the underlying inflation rate."
The euro was marked 0.1% higher against the U.S. dollar at 1.1656 in the immediate minutes following the Eurostat release, trimming its quarter-to-date decline to 5.3%.
"We will remain patient in determining the timing of the first rate rise and will take a gradual approach to adjusting policy thereafter," Draghi said earlier this month when he affirmed that interest rates are unlikely to rise from record lows until at least the summer of 2019. ""The path of very short-term interest rates that is implicit in the term structure of today's money market interest rates broadly reflects these principles."