27 Mar 2014
More food for thought for BoE? – Rabobank
FXStreet (Guatemala) - Analysts at Rabobank summarised the key data releases coming up from Europe and the US.
Key Quotes:
“Today, we have the Eurozone M3 money supply data for February, which are expected to remain unchanged at 1.2% YoY on a 3-month rolling average, low enough to concern the ECB no doubt, and any downside surprise would increase market uncertainty about the next meeting”.
“Following that we see UK retail sales for February, which are expected at a brisk 0.5% MoM headline and 0.3% excluding autos. In YoY terms that would be a 2.4% and a 2.9% print, respectively, not stellar, but certainly showing British consumers are no longer in retreat, which should be more food for thought for the BoE”.
“We then get to hear from the Fed’s Pianalto speaking at the same time as another update on Q4 US GDP is released – this time the expectation is for 2.7% QoQ annualized, but unless we see a significantly different number there is unlikely to be any real market impact given the focus now is on the imminent first estimate of Q1”.
“There are also US initial jobless claims, seen at 323K, and pending home sales, seen 0.2% MoM”.
Key Quotes:
“Today, we have the Eurozone M3 money supply data for February, which are expected to remain unchanged at 1.2% YoY on a 3-month rolling average, low enough to concern the ECB no doubt, and any downside surprise would increase market uncertainty about the next meeting”.
“Following that we see UK retail sales for February, which are expected at a brisk 0.5% MoM headline and 0.3% excluding autos. In YoY terms that would be a 2.4% and a 2.9% print, respectively, not stellar, but certainly showing British consumers are no longer in retreat, which should be more food for thought for the BoE”.
“We then get to hear from the Fed’s Pianalto speaking at the same time as another update on Q4 US GDP is released – this time the expectation is for 2.7% QoQ annualized, but unless we see a significantly different number there is unlikely to be any real market impact given the focus now is on the imminent first estimate of Q1”.
“There are also US initial jobless claims, seen at 323K, and pending home sales, seen 0.2% MoM”.