Core CPI month-on-month change for Eurozone measures sequential price pressure in non-food, non-energy components of the consumer basket. It is one of the most watched Fed/central-bank-grade inflation inputs.
Why FX traders watch it
When core inflation month-on-month re-accelerates after a period of cooling, it is a red flag for central banks signaling that the last mile of disinflation is stalling. This can rapidly reprice rate-cut expectations and strengthen the eur.
How to interpret the data
A reading above 0.3% (month-on-month) is widely viewed as high and eur-supportive. Readings around 0.1–0.2% suggest inflation is cooling toward target, while negative prints signal outright deflation risk in core goods and services.