Dollar sees early strength in Europe but awaits the German ZEW number
Germany’s final CPI for September was revised lower by 0.1% to +0.1% MoM and +2.4% YoY. This is the highest level of inflation for 2 years on the back on oil prices which have pushed up fuel prices by +8.9% YoY and light heating oil by +3.1% YoY. While there is little that could be done to ally this spike in inflation the ECB will be watching this carefully and could well be another nail in the coffin for the next rate decision.
Swiss Adjusted Retail Sales saw an increase of +3.8% YoY in August, just a little below forecasts of 4.1%. While not quite as positive as expected the numbers still demonstrate a healthy consumer demand and are consistent with the SNB hiking rates. The next problem is when and how the SNB view the risks surrounding the […]