Early in the day Chinese CPI and PPI data for the month of March was reported. Year on year the PPI declined by -4.6%, slightly less than the predicted -4.7% and less than the previous reading of -4.8%. PPI has been negative for the last three years - a sign of pressure on profit margins of Chinese companies.

The consumer price inflation in March remained unchanged with a reading of +1.4%. Analyst expected a CPI reading of 1.3%. As consumer Inflation is still far below the targeted 3% for 2015 fuelling concerns over a deflation in the world's second largest economy. So far the impact of the measures taken by the People's Bank of China is very limited and suggests that further steps will have to be taken by the PBoC.