Economic data from the Eurozone gets brushed aside as the markets hold out for retail sales figures from the U.S.
After a quiet session on the Asian economic calendar, it was a busier Eurozone economic calendar this morning.
Finalized October inflation figures for France and Italy were in focus ahead of 3rd quarter GDP numbers for the Eurozone. Employment figures for the 3rd quarter also drew attention.
In October, French consumer prices increased by 0.4%, month-on-month, which was in line with prelim figures. Consumer prices had fallen by 0.2% in September.
In Italy, consumer prices rose by 0.7%, which was up from a prelim 0.6%. Consumer prices had fallen by 0.2% in September.
In the 3rd quarter, the Eurozone economy grew by 2.2%, which was in line with prelim figures quarter-on-quarter. Year-on-year, the Eurozone economy expanded by 3.7%, which was also in line with prelim figures.
According to Eurostat,
Ahead of today’s stats, the EUR had risen to a pre-stat and current day high $1.13859 before hitting reverse.
In response today’s inflation figures, the EUR fell to a current day low $1.13580 before finding support.
GDP numbers for the Eurozone supported a return to $1.13634 before easing back.
At the time of writing, the EUR was down by 0.05% to $1.13617.
U.S retail sales and industrial production figures will be in focus later today. Expect the retail sales figures to have the greatest influence as the markets look to assess the impact of inflation on consumption.
Other stats from the U.S include import and export price index and business inventory numbers.
While these stats tend to be brushed aside, the impact of cost pressures will also draw these numbers into focus.
On the monetary policy front, expect central back chatter to also influence.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.