Commodities stabilize as disappointing European economic data failed to move the market. Eurozone’s retail sales surprisingly contracted -1.0% m/m and -1.7% y/y in March while readings in February were revised higher. Final services PMI slipped to 56.7 in April, from initial estimate of 56.9. In the UK, the April construction PMI data plunged to 53.3, compared with consensus of 55.9, from 56.4 in the prior month. These data probably take a backseat with the ECB meeting ahead. Concerning the relation between inflation and monetary policies, and commodities, we tend to focus on gold.
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Fed Tightening the Key to End the Vicious Cycle of Oil and Inflation
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