Fresh inflation numbers just dropped – YoY headline came in at 0.70%, right on the money with what analysts were expecting. That's a solid jump from last month's 0.20%.

The MoM figure tells a different story though. Clocked in at -0.10%, missing the 0.20% consensus by a notable margin. Last month we saw +0.20%, so this flip into negative territory is worth watching.

Market's digesting what this mixed data means for risk assets and macro positioning heading into Q2.