The U.S. dollar attempted to pare losses from Wednesday. Economic data on the day was relatively quiet from the Eurozone. Germany’s Bundesbank President Jens Weidmann gave a speech where he said that he would like to lead the central bank. Weidmann has been a harsh critique of Mario Draghi and the ECB’s ultra-loose monetary policy. The euro did not react much to the comments.
Canada’s headline inflation rose by 0.1% on the month, which was below estimates of a 0.2% increase. On a year over year basis, headline inflation increased by 1.9% matching estimates. However, the BoC’s core inflation rate remained well above 2.0% which is the inflation target rate.
Final U.S. wholesale inventories report showed a 1.1% increase on the month in January. Factory orders, however, rose just 0.1% in December, missing estimates of a 1.5% increase. Pending home sales were stronger than expected, rising 4.6% against estimates of a 0.7% increase.
More data from around the world
The economic calendar today gets off to a busy start. Earlier, in the Asian trading session, Australia’s private Capex released figures forQ4 and a 2.0% increase. Economists forecast that Capex would rise 1.1% during the fourth quarter. This follows a 0.5% decline from the third quarter.
China’s manufacturing PMI report released earlier today showed a decline to 49.2 for February. This was lower than the forecasts of a drop to 49.5.
The European trading session kicks off with the quarterly GDP report from Switzerland. Data should show a 0.4% increase in the quarter during the three months ending December. This follows a 0.2% decline in the third quarter.
Germany’s preliminary inflation report is due later today including France. Inflation should rise by 0.5% on the month in Germany. French inflation should increase by 0.4% which would reverse the 0.4% decline from the month before.
The NY trading session today will see the release of the advance GDP report. Forecasts point to a 2.6% increase in GDP during the quarter ending December 2018. This would mark a slower pace of growth during the period.
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