Analysts at ANZ explained the data events overnight for the US and European trade.
"US data releases were solid, implying the economy is accelerating in the early stages of Q2. Retail sales rose in line with expectations but with upward revisions; Empire Manufacturing rose sharply with prices paid the strongest since 2011; the NAHB index reversed the modest declines of recent months. The Atlanta Fed GDPNow index is indicating growth of 4.0%+ for the current quarter based on available published data. Average hourly earnings data in the May labour market report will be keenly awaited given strong growth and unemployment at cycle lows of 3.9%."
"UK labour market data were strong. The economy created 197k jobs in Q1, and average earnings rose (2.9% y/y vs 2.8%). With labour market growth that strong, the Q1 GDP data (0.1% q/q) looks increasingly out of whack. Elsewhere in Europe, euro area industrial production bounced 0.5% after falling 0.9% in February, and German ZEW current conditions beat forecast."
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