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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.  

     

    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.


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