Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Annual inflation in UK in April speeds down to 2.4%
In April this year consumer prices in Great Britain edged up by 0.4% in contrast with the previous month and also by 2.4% compared to April 2017, according to the National Statistic Office of the country.
On average market experts expected the rise of the first indicator by about 0.5%, the second - by 2.5%.
In March, the leap in prices accounted for 0.1% and 2.5%, respectively.
The surge of consumer prices is still above the target mark of the BoE at 2% for fifteen months in a row. The annual lift in April appeared to be the lowest for the last 13 months. Apparently, one of the factors was the tumble in the cost of air tickets because this year Easter fell in March, and in 2017 - in April.
The CPI Core index, excluding alcohol, tobacco and food as well as energy prices, accounted for 2.1% the previous month in contrast with 2.3% in March. Market experts expected a slowdown in growth to 2.2%.
In April, prices for food as well as non-alcoholic beverages dipped by 0.2% in monthly terms. Clothing along with footwear ascended by 0.4%, alcohol and tobacco products - by 0.8%, while transport services declined by 1%.
At the same time, the cost of soft drinks rallied by 2.8% compared to March, which was a record soar during the settlement. It was due to the introduction of a tax on high sugar content in soda.
The previous month retail prices tacked on by 3.4% compared with April 2017 and also by 0.5% compared to March of this year. That’s the RPI index employed by UK employers when it comes to negotiating wages. As for the difference in the dynamics of the CPI and RPI indices, it can be explained by the very inclusion of housing costs in the RPI, and also different weights of air fares, gasoline prices and insurance.
Risk assets are recovering after a losing streak in the previous week as progress in the extra US stimulus package improved the market sentiment.
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Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.