EUR/USD has started the week quietly, as the pair trades in the mid-1.27 range in Monday’s European session. In economic news, German PPI came in at 0.0%, while Eurozone Current Account posted a surplus of EUR 18.9 billion. There are no US data releases on Monday.
The markets were greeted with lukewarm Eurozone data on Monday morning. Inflation remains anemic, as German PPI came in at a flat 0.0%, shy of the estimate of 0.1%. The indicator has not produced a gain since December, as Germany, the Eurozone locomotive, continues to struggle with a lack of inflation. Eurozone Current Account, which is closely linked to currency demand, posted a surplus of EUR 18.9 billion, little changed from the previous release of EUR 18.7 billion. This reading disappointed the markets, as the estimate stood at EUR 21.3 billion.
US releases wrapped up the week on a high note, as UoM Consumer Sentiment climbed to 86.4 points, its highest reading since July 2007. The markets had expected a reading of 84.3 points. This indicates that the US consumer remains optimistic about the economy and is not overly concerned about warnings of a global slowdown. On the housing front, Building Permits and Housing Starts met expectations. Strong US employment numbers continue to drive the US recovery, as US job claims dropped to 264 thousand, marking a 14 -year low. The estimate stood at 286 thousand.
EUR/USD 1.2752 H: 1.2778 L: 1.2732
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