Currencies can’t find a clear direction after mixed data during the London and New York Sessions.
UK’s Nationwide HPI came at a disappointing -1.0% instead of an expected 0.4% increase, which represents another sign of downward inflationary pressures. The pound got a small relief a few hours later when the revised GDP increased showed an increase of 0.3%.
Inflation in Europe is somewhat stagnant as showed the CPI (1.0%). However, core CPI —change in the price of goods and services purchased by consumers, excluding food, energy, alcohol, and tobacco — decrease to 0.9%.
The effects of a positive U.S. preliminary GDP (increased to 5.9%) and Chicago PMI (62.6) faded away when Existing Home Sales decreased to 5.05M in January. This, in conjunction with the disappointing New Home Sales earlier this week, confirms the weakness of the housing recovery in the U.S.
U.S. equities bounced between positive and negative territory on mid-day. Oil is heading towards 80.00$ a barrel and gold appreciated to 1113.8$/t oz.
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