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Markets brace for US jobs data as euro area inflation print nears

The outlook ahead of the reports includes expectations for euro zone HICP inflation to rise to 3.6% year over year and core to 2.5% year over year, while Japan’s Tokyo core CPI is reported at 2.7%.

Reported · Written up by our desk · Major Pairs

Markets are looking ahead to a busy data and policy calendar, with the euro area September flash inflation release due. Action Forex expects headline HICP inflation to rise to 3.6% year over year from 3.2% and core inflation to edge up to 2.5% year over year from 2.4%.

Recent inflation prints within the euro area have already come in above expectations, setting the tone for the upcoming release, Action Forex said. The update also flags Japan’s September Tokyo core CPI, which rose to 2.7%, above the BOJ’s 2% target.

Separately, the same market check noted commodities and geopolitics that could feed into broader risk sentiment, including Brent crude futures trading above USD 102 per barrel and Reuters reporting that US president Trump is pushing Germany and France over emergency diesel reserves.

On the policy front in the euro area, Action Forex also cited France’s 2027 budget bill aimed at curbing a high deficit down to 5% of GDP, saying market skepticism coincided with the French 10 year yield briefly hitting 4.96%.

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