Euro Riding Roughshod

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Yesterday’s final reading of the Euro zone consumer price inflation report surprised markets on the downside as inflationary pressures in the region eased unexpectedly for February, heightening speculation of deflation in the currency bloc. Although the ECB has consistently rebuffed deflation talks of late, the latest numbers are likely to add to the central bank’s woes and might compel Mario Draghi to undertake further measures to support the region’s fragile economic recovery. Despite this soft data, the single currency continues to edge higher against its peers.

Meanwhile, investors continue to exhibit caution in the wake of mounting concerns in Eastern Europe. Later today, investors in the Euro-US Dollar pair will keep a tab on the forward looking German and Euro zone ZEW sentiment indices and important US economic data, including consumer price inflation and housing market numbers, for further direction to risk appetite.
Key Economic Events

UK BoE Governor Carney Speech
US Consumer Price Index
US Housing Starts
US Building Permits
Eurozone Trade Balance
Eurozone ZEW Survey - Economic Sentiment
Germany Wholesale Price Index
Germany ZEW Survey - Current Situation

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