About Rendement des obligations indexées sur l'inflation (EUR)
Eurozone's inflation-linked bond yield is the real yield (after adjusting for expected inflation) on government bonds indexed to the CPI. It is the purest market signal of the real risk-free rate in Eurozone.
Why FX traders watch it
Real yields are the primary driver of eur valuation in the modern FX framework. Rising real yields attract international capital to eur-denominated assets, supporting appreciation.
How to interpret the data
Positive and rising real yields are strongly eur-positive as they make Eurozone assets attractive on a real, inflation-adjusted basis. Deeply negative real yields (as seen during QE) are typically eur-negative.