- Finnish February GDP -11% y/y
- French March trade deficit -4.884 bln euros. Worse than median forecast of -3.9 bln
- Swiss April CPI +0.9% m/m, -0.3% y/y. Stronger than median forecasts of +0.6%, -0.6% respectively
- Swedish March industrial orders -2.8% m/m, -22.9% y/y
- UK April new car registrations -24% y/y
- UK construction orders fell -20% in 3months to March compared with previous three months
- Iceland central bank cuts key interest to 13.0% from 15.5%
- German March manufacturing orders rose +3.3% m/m, much stronger than median forecast of -1.0%, and first rise in 7 months
Risk sentiment in good shape, likes of sterling, aussie, cad and to a lesser extent euro continuing to do well.
EUR/USD came under pressure early, caution ahead of todays ECB meet evident. However buy orders at 1.3250/60 held the line. Good interest out of Far East noted at the lows. EUR/USD was already recovering nicely, when much better than expected German manufacturing orders sent in to a 1.3342 session high before settling back, presently at 1.3320.
Cable got hit fairly hard early, posting a session low 1.5075. The pairing was already recovering nicely when the German manufacturing data helped trigger buy stops around 1.5180 sending the pairing to a 1.5196 session high. We’re presently back at 1.5160.
