The Eurozone’s inflation report showed that consumer prices slipped more than expected. Headline CPI fell to 1.6% which was more than the flash estimates that pointed to a decline of 1.7%. Core inflation, however, remained steady at 1.0%. The data comes ahead of the ECB meeting next week.
In the U.S. the Philly Fed manufacturing index increased to 17.0 on the index in January. This beat estimates of a modest increase to 9.7 and activity surged from 9.4 in December.
Japan released the revised industrial production numbers. Data showed that industrial production declined 1.0% on the month.
The European session is quiet with the UK’s retail sales report on the cards. Forecasts point to a weak retail sales report showing a 0.8% decline on the month in December. The British pound maintained its gains amid news that some MP’s wanted to block a no-Brexit deal.
The NY trading session will see Canada’s inflation data coming out. The inflation data comes as the BoC decided to hold interest rates steady at its meeting a week before. Headline inflation is forecast to fall 0.4% on the month.
Data from the U.S. will cover the industrial production figures which are expected to rise 0.3% on the month. This marks a slower pace of increase after industrial production grew 0.6% previously
