This morning saw a mixed bag of data out in the UK. Whilst manufacturing and industrial production figures missed the analysts mark, the month on month GDP numbers exceeded expectation. Analysts had expected 0.1% growth, but the actual figure was 0.3% growth. This extra growth has been attributed to increased school attendance and the return of the Premiership after the World Cup! This has continued the gains that the Pound has been making versus the Euro and the Dollar towards the end of the week.
Japan kept it's base rate at -0.1% and the German inflation numbers also came in at the expected 9.3% year on year growth.
Today could be a bumpy ride for both the Dollar and the Euro as well as possible action for the Canadian Dollar.
First there's the non farm payrolls in the US. This is the measure of the change in full time employment in the worlds largest economy removing any seasonal fluctuations. Classed as non farm it originated from removing out of the equation data from agriculture such as job movements at harvest time. Economists are expecting 205k jobs to have been added in February.
At the same time Canada releases it's unemployment numbers where analysts are expecting unemployment to hit 5.1%.
Finally there's a speech by the ECB President, Christine Lagarde. Based on the response the FED's Chair got earlier in the week for the Dollar this could have ramifications for the Euro.
Business news continues with the woes being felt by businesses around energy costs and the sometimes crippling effect they are having on keeping those businesses going. Not only is it the cost of energy, but the energy companies are also sometimes ramping their daily fees up.
Today’s Economic Calendar
US: 13:30 Non Farm Payrolls
CAN: 13:30 Unemployment Data
EUR: 15:00 ECB's Christine Lagarde Speech
As ever we look forward to keeping you in the loop and look out for our next update.
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