EUR/USD - 1.2553.. Ahead of Thurday's ECB policy meeting, WSJ reported the ultra low inflation becoming entrenched in Europe is playing out in strikingly different ways across the euro zone's 18 economies, complicating attempts to combat it.
In crisis-hit countries such as Greece n Spain, the detrimental effects of falling prices, known as deflation, are showing up clearly in strained profits n lower wages as companies try to adjust. But in healthier economies such as Germany n Austria, where unemployment is low and incomes are up, the most obvious impact is a boost to consumers' purchasing power.
At 0.4% in annual terms, euro zone inflation is far below the ECB's target of close-to 2%. A survey of purchasing managers released this week showed manufacturers cutting prices for a 2nd-straight month. The European Commission on Tuesday forecast inflation in the euro zone will remain below-target until at least 2016.
The ECB meets Thursday n is expected by analysts to refrain from new stimulus, but to keep the door open to dramatic measures such as gov't bond purchases if needed. Officials have signaled that they prefer to wait for recent measures including interest-rate cuts, bank loans n private-debt purchases to take hold before weighing additional steps.
Data to be released on Wednesday:
New Zealand's HLFS unemployment rate, job growth and labour cost index, China's HSBC services PMI, Swiss CPI, German Markit services PMI, U.K. Markit services PMI, eurozone retail sales, U.S. ADP National employment, Markit services PMI, ISM non-manufacturing PMI and employment index.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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