Eurozone CPI accelerated to 1.4% yoy in March, up from 1.1%, and met expectation. Core CPI, however, was unchanged at 1.1% yoy, missing expectation of 1.1% yoy. Unemployment rate dropped to 8.5% in February, met expectation, and hit the lowest level since 2008.
UK PMI construction, however, dropped to 47 in March, down from 51.4, much worse than expectation of 51.0. Markit noted construction activity fell amid unusually bad weather in March.
EUR/GBP recovers notably after the releases. But after all, it’s staying in range of 0.8666 and 0.8796. Thus, intraday bias stays neutral, meaning that range trading strategies are more suitable for now, until a breakout.
