- European session review: EUR appreciates on improved outlook for global economy
Market news
European session review: EUR appreciates on improved outlook for global economy
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:30 | Switzerland | Producer & Import Prices, y/y | March | -1.1% | -0.2% | |
| 09:00 | United Kingdom | MPC Member Cunliffe Speaks | ||||
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | March | 1.1% | 0.9% | 0.9% |
| 09:00 | Eurozone | Harmonized CPI | March | 0.2% | 0.9% | 0.9% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | March | 0.9% | 1.3% | 1.3% |
| 09:00 | Eurozone | Trade balance unadjusted | February | 11 | 17.7 | |
| 12:15 | Canada | Housing Starts | March | 245.9 | 250 |
EUR rose against most of its major rivals in the European session on Friday as risk appetite increased as strong U.S. and Chinese economic data bolstered expectations of a fast global recovery.
The National Bureau of Statistics (NBS) reported that China's GDP expanded 18.3% y/y in the first quarter of 2021, accelerating sharply from a 6.5% y/y growth in the fourth quarter of 2020. This was the strongest pace of expansion since the series began in 1992, but was shy of economists' estimates, suggesting a 19.0% y/y climb.
The Chinese impressive Q1 data followed the stronger-than-expected retail sales and jobs figures from the U.S., boosting expectations for a sharp global economic recovery.
Market participants also received final March inflation data, which was in line with the initial estimate and economists' forecast of 1.3%, and well below the European Central Bank's (ECB) "just below 2%"-target.
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