EUROPEAN Trading Newsletter

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EMU CONSUMER PRICE INDEX

EMU economic indicators - M3 growth probably accelerated to 11.6% yoy in January by BHF−Bank

With the last base year change five years ago, yearly inflation rates tended to be slightly higher than before. HICP inflation in the EMU is likely to be confirmed at 3.2% yoy in January, although there is a risk that the rate could be slightly higher. This would correspond with a monthly inflation of – 0.4%.

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Germany CONSUMER PRICE INDEX

DATA SNAP: German Final Jan CPI −0.4% On Mo; +2.8% On Yr (Dow Jones)

German annual consumer price inflation in January was slightly higher than initially estimated, final data from the federal statistics office showed Friday. The consumer price index rose 2.8% in January, up from a preliminary flash estimate of 2.7% and unchanged from the rate in December.

• Read the Consumer prices data at German Statistics
• German CPI grows 2.8% year−on−year in January (FXstreet.com)
• German Jan final CPI down 0.4 pct from Dec, up 2.8 pct year−on−year (Thomson Financial News)

UK NATIONWIDE HOUSING PRICES S.A

DATA SNAP: UK February House Prices −0.5% On Mo, +2.7% On Yr (Dow Jones)

U.K. house prices fell for the fourth straight month in February, while the annual gain was the lowest since November 2005, the Nationwide Building Society said Friday. According to the mortgage lender, house prices were down a seasonally adjusted 0.5% from January.

• Read the report: House price inflation falls to 2.7% in February at Nationwide
• UK Feb house prices down 0.5 pct from Jan, 4th consecutive fall − Nationwide (Thomson Financial News)
• UK Nationwide house prices fall more than expected in February (FXstreet.com)
• United Kingdom Nationwide Housing Prices s.a decrease −0.5% in Feb; 2.7% up on the year (FXstreet.com)

Japan NATIONAL CPI EX−FRESH FOOD

Japan Jan Core CPI +0.8% On Year; Mkt Expected +0.9% (Dow Jones)

Japan's core consumer price index rose 0.8% in January from a year earlier, the Ministry of Internal Affairs and Communications said Friday, marking the fourth straight month of increases. The reading was slightly below a 0.9% increase forecast by economists polled by Dow Jones Newswires and Nikkei. In December, the core index, which excludes volatile fresh food prices, rose 0.8% after gaining 0.4% in November.

• Read the Consumer Price Index report at Japan Statistics Bureau
• Bank of Japan to hold key rate steady despite rise in consumer prices, spending (Thomson Financial News)
• TABLE: Japan January CPI, Tokyo February CPI (Dow Jones)
• Japan's core CPI rises for fourth straight month in January − UPDATE (Thomson Financial News)

Japan JOBLESS RATE

Japan's Jan Jobless Rate 3.8%, Matches Market Expectations (Dow Jones)

Japan's jobless rate for January stood at 3.8%, the government said Friday. That matches the average 3.8% forecast by economists surveyed by Dow Jones and Nikkei. The figure has remained at 3.8% since November. The Ministry of Internal Affairs and Communications said the total number of jobless was down 80,000 on year for the 26th consecutive month of decline.

• Read the Jobless Rate report at Japan Statistics Bureau
• Japan's unemployment rate stays at 3.8 percent in January, in line with forecast (Thomson Financial News)