Bit More Data Released Today
Today we see a much busier economic calendar as we get the German ZEW (investor confidence) data, Eurozone trade data, inflation data, housing markets stats and Empire State Index out of the US. We are also going to hear Janet Yellen speak to the Atlanta Fed today and the New York Economic Club tomorrow.
Investor confidence in Germany is not expected to have changed too much but may pick up a bit as, last month, it was felt that the figures were adversely affected by the Ukrainian crisis. There was more talk of quantitative easing in the Eurozone and there was some focus on Spain, which has suffered more than most during this economic downturn.
The Spanish Prime Minister is relying on Mario Draghi to turn things around as they suffer from high unemployment and obstacles to an export-based recovery. Inflation remains the cause célèlbre with this now, being openly linked to the exchange rate. Indeed, ECB member Christian Noyer mentioned how inflation would be half a point higher if it weren’t for the strength of that pesky Euro.
All moves on the Pound yesterday were due to matters and figures outside of its control, as no UK data was released. Today, we will see the March UK PPI and CPI data released.
The major story was the ‘slightly better than expected’ US retail sales which caused the USD to strengthen slightly. These figures were expected to be positive and are a good sign for the US economy going forward.
Image: © cooldesign / freedigitalphotos.net