Price pressures remain extremely weak in the euro-zone

March's euro-zone trade data suggest that the weakness of the euro has still had little impact on net exports. 

Although exports rose by 1.7% m/m, this was offset by a 3.9% m/m increase in imports. This brought the seasonally-adjusted trade surplus down from €22.6bn in February to €19.7bn in March. 

Meanwhile, final data confirmed that annual consumer price inflation edged up from minus 0.1% in March to 0.0% in April, bringing the four-month period of deflation to an end. But price pressures remain extremely weak.