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    April saw a rebound in French manufacturing

    We has two figures from Europe in the morning: final CPI in Germany for May and data on French manufacturing in April. While the German inflation came in precisely in line (0,1% y/y for CPI and 0% y/y for HICP), French output data was stronger.

    French manufacturing saw an increase of 1,3% m/m in April which resulted in annual rate of growth of 1,6%, way up from -1,1% in March. This was above the consensus of 0,9%. This is a pleasant surprise given weak PMI reading from this country. 

    It remains to be seen if the improvement is lasting, though. Manufacturing was very weak in March (-1% m/m) and April could very well be a 1-off improvement. Understandably markets approached the data with caution.

    The EURUSD keeps flirting with 1.13, the pair, calendar-wise, might be the most impacted by the UoM index, especially inflationary expectations.  


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