EZ data supporting no action from ECB - BBH

By FXstreet.com | Updated August 28, 2014 AAA

FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggested that the data out of the euro-zone today was, on the margin, also supportive of the view that the ECB should hold fire on further action.



Key Quotes:



"M3 for July rose by 1.8% y/y, higher than the expected 1.5%."



"And the June figure was revised slightly higher to 1.6%. Moreover, lending contracted by 1.6% in July, less than the 1.8% contraction in June."



"Regional inflation figures for Germany came in a bit on the higher side, suggesting the risk for a surprise in the aggregate figure (released at 13:00 GMT) is tilted to the upside. Although Spanish CPI fell by the most since 2009 in August, it was marginally higher than feared."



"Flash CPI came at -0.5% y/y compared with expectations of -0.6%. German unemployment rates remained unchanged at 6.7% in August, as expected, but the unemployment count came in at +2K, against an expected -5K. Euro-zone consumer confidence was unchanged at -10, as expected."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    What’s Next: USD falls after data, focus on NFP

  2. Forex News

    More EUR positive surprises - Deutsche Bank

  3. Forex News

    April Forex Seasonality Foresees Weakest Month of Year for USD

  4. Forex News

    NFP Expectations for April

  5. Forex News

    EUR/USD back to 1.0770

Trading Center