Overnight, New Zealand Trade Balance came out worse than expected at -789M vs expectations of -630M. Exports were lower than expectations at 3.32B vs 3.55B. Imports came in as expected at 4.10B. Italy Retail Sales reversed back to the negative side with a worse than expectations release of -0.2 vs expecations of Unchanged. Finally, UK CPI Reported Sales came in better at 6 vs 5 estimate.
At 8 AM German CPI is expected to be released. Last month the gain was 0.4%. The YoY came in at 2.1. The expectation is for a Unchanged and 2.0% respectively. US New Home Sales are expected to dip to 365M from 372K last month. The trend in housing has been positive over the last year. Later tonight, New Zealand Business confidence will be released at 9 PM.
