All Eyes on the UK – Jobless claims data released
After 5 weeks of the Pound struggling against the Euro and the US Dollar, there could be a comeback on the cards as all eyes are on the UK today as jobless claims data is being released this morning.
Why does it matter?
Jobless claims data is traditionally very important and is seen as being essential reading when it comes to the state of the UK economy and contributory towards the Bank’s fiscal policy.
However, this is slightly in the shadows today as just after the release of this data, there is the Bank of England Quarterly Inflation Report followed by a speech by Mark Carney. If the figures remain at around the 2.1% level this would be seen as being perfect for the Government and the Bank of England.
A Struggling Powerhouse
Things aren’t looking so great for the Eurozone at the moment as poor data is constantly being released out of Germany. This begs the question that if Germany, the Eurozone’s powerhouse is struggling, where does this leave the rest of Europe?
The European Union is also struggling from the ongoing sanction situation with Russia. Poland, Hungary and the Czech Republic are all suffering amongst others.
Meanwhile in Japan, GDP shrank by 6.8% as their new sales tax came into force. This however does not seem to have caused too much alarm as the Bank of Japan stated that the economic recovery was still on track.
Lots of data out today. CPI from France, Germany and Spain, earnings and unemployment data, inflation report and Carney’s speech from the UK and retail sales out of the US being the highlights