The U.S. dollar continued to remain strong across its peers on Wednesday. Economic data showed that the consumer prices in the Eurozone came out as expected. Headline inflation was seen rising 1.2% while core inflation rate was registered at 0.7%, marking a slower increase in core CPI. German inflation was flat during the month.
Data from the U.S. showed that building permits increased 1.35 million matching the median estimates while data for March was revised slightly higher to 1.38 million. Housing starts were however a tad weaker, rising 1.29 million which was below estimates of 1.32 million. The U.S. industrial production report showed an increase of 0.7% beating estimates of a 0.6% increase.
Looking ahead, the economic calendar for the day is relatively quiet. Earlier in the Asian session, Australia released its unemployment figures. The Australian unemployment rate was seen rising to 5.6% against estimates of an unchanged print at 5.5%. However, the economy was seen adding a healthy 22k jobs during the month which was above estimates.
In the European trading session, the economic data is relatively quiet. The U.S. trading session will see the release of the Philly Fed Manufacturing index and the weekly unemployment claims data. Later in the evening, the BoE chief economist, Andy Haldane is expected to speak.
