The U.S. dollar was seen gaining ground on Friday as the markets closed the month of August. Economic data on the day showed that the flash inflation estimates for the Eurozone rose at a slower pace of 2.0% on the headline and 1.0% on the core inflation rate. This was slower than the median forecasts and compared to the month before.
German retail sales also came out weaker, falling 0.4% on the month which was more than the median forecasts. Previous month’s data was also revised lower.
Meanwhile, in the U.S. the Chicago PMI showed an increase to 63.6 on the index which beat estimates but was still lower than 65.5 from the month before.
The UoM’s consumer sentiment index was seen rising to 96.2 from 95.3 previously.
The day ahead will see the U.S. and the Canadian markets closed due to Labor Day holiday.
The UK will be releasing the manufacturing PMI which is expected to ease to 53.9 from 54.0 previously. The data from the Eurozone will be dominated by the manufacturing PMI’s.
