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Eurozone running hot

  • EUR - CPI Flash Estimate y/y: 1.3%
  • USD - Pending Home Sales m/m: 1.5%
  • EUR - German Retail Sales m/m: 1.1%

Eurozone data dominated yesterday’s headlines, as we saw the release of German Retail Sales, the EU Unemployment Rate and a look into the regions inflation with CPI. The bullish data confirmed that the single currency union has hit a patch of good form, after the IMF upgraded growth forecasts. Core CPI (which excludes the volatile food, energy, tobacco and alcohol prices) registered a better than expected 1.2%, whilst unemployment dropped to an eight year low of 9.1%. German retail sales also exceeded expectations, registering 1.1%. The bullish data boosted the Euro after the release.

Brexit chatter continues to dictate the Pounds movement. Rumours that freedom of movement will continue after the UK leaves the EU are incorrect, Downing Street has said. Last week Chancellor of the Exchequer, Philip Hammond, warned full controls could take “some time”. Yesterday, No.10 made clear that free movement will end when the UK leaves the EU, saying “it will be wrong to suggest it will continue as it is now”. Sterling remains fragile as politics continue to determine price action. 

  • AUD - RBA Rate Statement
  • GBP - Manufacturing PMI
  • USD - ISM Manufacturing PMI

It’s manufacturing day as the Eurozone, UK and US all release their Manufacturing PMI figures. The Eurozone will also release individual Final Manufacturing PMIs from some of their biggest economies; Germany, France, Italy and Spain. Germany will also be posting their Unemployment Change figure.