Economic data on the day showed that Japan’s economy watchers sentiment rose to 48.3. This beat estimates of 47.3 but was weaker than the previous month’s 48.7.

The German trade balance data showed an increase to 18.3 billion beating estimates of 15.9 billion. The NY trading session showed Canada’s housing starts increased just 189k missing estimates of 203k.

The day ahead looks somewhat busy with the European trading session kicking off with the monthly GDP data. Economists forecast that the UK’s GDP advanced 0.1% on a month over month basis. This marks a somewhat slower pace of increase compared to 0.3% growth the month before.

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The industrial, manufacturing and construction output report will also be coming out simultaneously.

Italy will be releasing the industrial production figures with estimates showing a rebound in activity. Industrial production fell 1.8% the month before.

The NY trading session remains quiet. Canada’s building permits data is due. The U.S. producer prices report is expected to show a 0.2% increase following a 0.1% decline the month before. Core PPI is expected to rise by 0.2% as well.

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