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Decent Eurozone Production Figures Are No Break From A Weak Trend
Eurozone industrial production increased by 0.8% in February after a sharp drop the previous month.
The Commodities Feed: Uncertainty And Risks Build In The Middle East
Oil price action this morning is muted despite Iran’s attack on Israel. The market had already priced in some form of attack, while limited damage and no loss of life means the potential for a more measured response from Israel.
Key Events In Developed Markets And EMEA For The Week Of April 12
Retail sales and production data are next week’s focus in the US after unexpectedly strong inflation data pushed back the anticipated start date of the Fed easing cycle.
UK Economy Starts To Rebound As Outlook Brightens
The UK economy grew for the second consecutive month in February, and we think this heralds a gradual improvement in the growth outlook for the remainder of this year.
FX Daily: From Fed Dependence To Fed Divergence
The dollar momentum is consolidating after the ECB and Bank of Canada have signaled a desire to diverge from the Fed.
Asia Morning Bites For Friday, April 12
The Monetary Authority of Singapore maintains settings with the Bank of Korea also tipped to pause. China trade is out later today.
The Commodities Feed: Gas Rallies On Supply Risks
European natural gas prices surged higher yesterday on the back of renewed supply risks after a Russian attack on Ukrainian natural gas infrastructure.
Rates Spark: Rates Markets Unmoved By Lagarde
For the first time this cycle the ECB has referenced the possibility of a rate cut in their press statement, paving the way for a rate cut in June.
Warning Signs For Europe’s North
We seem to be seeing a two-speed Europe emerging.
Asia Week Ahead: China Data Deluge And Japan’s Inflation Report
Key data releases from China are out next week alongside Japan’s latest inflation reading.
FX Daily: Dollar Bulls Take Control
The 0.4% MoM print for the March core CPI reading has wiped out expectations of a June rate cut.
Asia Morning Bites For Thursday, April 11
Asia markets are likely in for a rough start on Thursday in reaction to expectations for a Fed rate cut to be pushed back. In terms of data, China reports both CPI and PPI inflation while the Philippines releases their latest trade figures.
FX Daily: CPI Time
US CPI data is released today. Consensus expects the core rate to rise 0.3% MoM, which would mark the fifth consecutive month of being above the Fed’s 2% yearly target. A firm CPI print is very much expected, however.
The Commodities Feed: Sentiment In Oil Weakens
The oil market has been trading little changed this morning as market participants assess diplomatic efforts in the Middle East. A bearish inventory report from the API put pressure on oil prices this morning.
Rates Spark: US CPI Unlikely To Please Markets
The spotlight is squarely on the US CPI data. Some observers see 0.2% as a possibility, but the consensus is for a 0.3% month-on-month core figure. That suggests there could still be a bearish impact reaction if consensus is confirmed.
ECB Bank Lending Survey Shows No Immediate Lending Pickup
The bank lending survey for the eurozone shows continued muddling through, with credit standards easing slowly but demand for loans remaining slow.
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