EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Chinese Production Loses Steam | German CPI Rebounds
Published March 14, 2019
The Chinese economy produced substantially weak data recently, with industrial output, retail sales, and unemployment looking soft. The data show signs of stabilization on demand, but the production side has continued to lose momentum.
Prime Minister May faces another vote before Parliament this afternoon on whether to delay the date Britain exits the European Union. European Council President Donald Tusk stated this morning that he will ask EU leaders to be open to granting a longer extension to the deadline, of which all EU member states must agree to.
EURUSD has moved lower this morning, with the pair trading at 1.1298, down 0.28% on the day. This comes as German CPI data rebounded in February with a gain of 0.4%, after a decline of 0.5% a month earlier. The German economy has been posting weak manufacturing data as of late, with industrial production falling 0.8% in January well below expectations.
A meeting between President Trump and President Xi Jinping to come to an agreement to bring an end to the trade war won’t occur until April at the earliest. US Trade Representative Robert Lighthizer, provided testimony before the Senate Finance Committee yesterday, stating that America must keep the option of raising tariffs as a way to seek compliance from Beijing.