Eurozone September CPI Seen Hitting 3.7%, Three-Year High

The significance here is less the level than the direction: a further acceleration would keep the ECB's inflation problem alive well past the transitory phase it had hoped for. That matters most for euro-area rate expectations and, by extension, for the euro and rate-sensitive assets, including crypto, which have traded as a liquidity proxy. Whether this forecast is confirmed in the actual print, and whether core measures follow headline higher, is the open question worth watching.