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FCP Daily Market Update

18 June 2018

The final reading on Eurozone inflation left financial markets underwhelmed as both headline and core CPI were left unchanged. Elsewhere, the dollar got off to a solid enough start following Thursday’s strong retail sales and the less-than-upbeat outlook from the ECB. However, there was no follow through as talk of additional trade tariffs on imports of Chinese goods into the U.S. halted the dollar’s progress. The pound had a subdued session but joined in the anti-dollar rally as the morning wore on.

In the U.S., data was mixed with industrial production and capacity utilisation both missing their mark while the Empire State manufacturing index and the provisional Michigan consumer sentiment index both bettered consensus. However, afternoon ranges were relatively tight as investors geared up for the weekend after what had been a week full of market-moving data and news.

Today’s solitary data release in the shape of the NAHB housing market index can be all but ignored. There are also a few Fed speakers and ECB President Draghi speaks after the European close but he is unlikely to deviate far from last week’s policy meeting outlook. For the week ahead, highlights are Thursday’s Bank of England policy meeting and Friday’s Eurozone PMI flash estimates.

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