EUR Trades to 2014 HighFebruary 28, 2014 Posted by: Joe O'Leary
The EUR rose to the highest level this year as inflation in the Euro-zone exceeded expectations. The number dampened expectations the ECB will add monetary stimulus next week. Chinese Yuan reached a 10 month low on expectation the government will broaden the trading ban. The GBP is higher as UK house prices continue rise and consumer confidence held steady, adding evidence of strong UK growth. Over all, the USD is weaker as US annualized GDP grew at 2.4% compared to 3.2% last month. Market was expecting a number above 2.5%. The exception is against the Australian Dollar. The AUD is weaker as capital spending fell 5.2%, the biggest decline since 2009.
• U.S. Consumer Sentiment was revised to 81.6 (median 81.2) from 81.2 in the first release and January.
• U.S. Q4 GDP growth was revised to 2.4% (median 2.5%) from 3.2% in the first release and 4.1% in Q3.
• Canada GDP grew at a 2.9% pace in Q4, better than expected (median +2.5%) following the 2.7% rate in Q3.
• EUR surged on the above forecast Eurozone HICP flash estimate for February, which came in at 0.8% y/y. Markets had expected a 0.7% y/y. At 0.8% CPI remains unchanged from January.
• Canada's GDP growth was negatively impacted by the weather in December, but strong activity in October and November.
03/03 GBP: PMI Manufacturing (Feb)
03/03 USD: ISM Manufacturing (Jan)
03/05 EUR: GDP (Q4)
03/05 USD: MBA Mortgage Applications (Feb 28)
03/05 EUR: Economic/Consumer/Industrial/Services Confidence Reports (Feb.)
03/05 USD: ISM Non-Manufacturing Composite
03/05 CAD: Bank of Canada Rate Decision.
03/06 EUR: BOE Rate Announcment
03/06 CAD: ECB Announces Interest Rate.
02/28 USD: Initial Jobless Claims (Mar.1)
S&P 1,865...Read More