The Eurozone and German PMI numbers and flash PMI numbers released this morning indicate that the manufacturing and services industries had slowed within the Eurozone as a whole. As a result of these figures the euro has slid across the board adding to the continuation from yesterday’s dovish ecb meeting.
The morning session saw the pound break the 1.44 resistance level against the dollar and we have been trading in and around those levels since.
The bank of Canada posted their inflation figures for the year and month with the main headlines being the yearly numbers. The CPI figures YonY came out at 1.3% expected 1.2%. The core numbers (excluding food and energy prices) YonY CPI 2.1% expected 1.7%. The inflation results highlighted a fall in food prices and housing prices but clothing, footwear and transportation showed high inflationary moves so averaging the numbers higher as a result. The Looney has strengthened against its major peers accordingly.
Next week Looks set to be a busy one with numerous key data releases:
Tuesday- US durable goods & Consumer confidence
Wednesday- Australian Inflation numbers, UK GDP for the 1st quarter and the FOMC in the evening
Thursday- Busy with German unemployment change and US annualised GDP
Friday- Euro inflation figures