European inflation levels remain weak, as underscored by Eurozone CPI, which remained unchanged at 0.2%
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but the respected German ZEW Economic survey showed a more optimistic outlook.
In the UK retail sales rose both annually and for the important month of December. UK CPI inflation was broadly flat and the Bank of England Governor Mark Carney has been speaking in subdued terms saying that he sees no need for rate rises now.
We still have some US Housing data to look at this afternoon with New Zealand publishing their CPI numbers tonight.
Latest FX news by Chris Verdet