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Almost all asset classes, with the exception of bonds, closed strongly bearish into Friday’s close. Even safe-haven precious metals succumbed to the panic. Economic data was pushed to the backseat. Investors ignored the 0.6% monthly increase in personal income and a strongly bullish Chicago PMI reading. Over the weekend, China’s manufacturing and non-manufacturing PMI fell to multi-year lows of 35.7 and 29.6 for February.
German Inflation Holds Steady in February
The latest flash estimates from Germany saw consumer prices rising on a month over month basis. But overall, on a yearly basis, German inflation was steady. Data from Destatis showed that headline CPI grew 0.4% on the month. This put the year over year inflation at 1.7%. This was the same pace of increase as in January and the highest since July last year.
EURUSD Comfortable at a Three-Week High
The EURUSD currency pair closed with bullish gains ...
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