GERMANY JANUARY PPI FALLS 0.1%, BELOW EXPECTATIONS
Germany's January PPI: -0.1% m/m (vs. +0.6% expected).
Energy prices fell 0.9%, driving the overall decline in producer prices.
Excluding energy, producer prices rose by 0.3% m/m.
Durable consumer goods up 0.4%, capital goods up 0.8%.
Prices for intermediate goods remained flat.
GERMAN MANUFACTURING BEATS EXPECTATIONS, SERVICES SECTOR GROWS S&P Global released Germany’s February PMI for manufacturing and services. Manufacturing activity outperformed expectations but remained in contraction. The services sector saw growth for the second consecutive month. Overall, mixed results for Germany’s economic sectors.
CANADA'S RETAIL SALES BEAT EXPECTATIONS IN JANUARY Canada’s retail sales grew by 2.7% in January, surpassing expectations of 1.7% growth. January’s growth follows a 0.7% contraction in December. Positive data signals strong consumer spending.
EUR/USD is trading below 1.0500 on Friday. German and Eurozone data showed only small growth in business activity for February. Investors are waiting for US PMI data for further market direction.
XAU/USD DOWN BUT NOT OUT AHEAD OF US PMI DATA Gold price pulls back from near all-time highs of $2,955, anticipating US PMI data. The US Dollar attempts a recovery despite sluggish US Treasury bond yields. Gold remains exposed to upside risks, with a positive daily technical setup.