German GDP for the 4th quarter was surprisingly low...
German GDP for the 4th quarter was surprisingly low, coming in flat against expectations for a 0.2% gain. This brings their unadjusted anual rate to 1.0% from the 1.4% estimated in Q3. Commentators suggest this will not force the ECB to curtail their monetary tightening intentions, since the Euro economy is seen as gathering momentum in Q1 2006.
UK Producer prices rose sharply in January (+1.8%) as oil and metals prices rose through the month of December. Oil price have since eased by around 10%.
Output prices also rose (+0.4%), suggesting that manufacturers are managing to pass on some of the rise in costs.
UK Core Price Index is at 09:30 this morning, with EMU Q4 GDP at 10:00, and US Retail Sales and Business Inventories at 13:30.
The Bank of England's Inflation Report on Wednesday is also likely to remain in focus for sterling today.
GBPEUR - Support 1.4600, 1.4530, 1.4500
Resistance 1.4660, 1.4735
GBPUSD - Support 1.7375, 1.7315
Resistance 1.7500 then 1.7575 (Friday's post data high)
Posted at: 09:07
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