Data Disappoints in Europe, US

In economic news, the euro data was overwhelmingly negative, which interestingly enough did not propel the euro lower. A slew of French and German PMI data was all under expectations, which hopefully shows that inflation is stable (the region does not need inflation amidst the high unemployment rates), but could be a signal of stagnant growth as well. In the UK, the revised quarterly GDP also came in under expectations of -0.2%, at -0.3%. Again, this is, objectively, more negative news, but there are not a lot of people who are expecting great numbers right now. The global economic crisis is leaving its legacy a whole four years later, as the system deleverages and growth declines. Now, because of the debt crisis, the global economy is not expected to emerge for some time yet.

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In the US, Unemployment Claims showed little change at 370K from 372K last week. However, Core Durable Goods Orders were negative at -0.6% against the expected 1.1% gain. Today's price action will again likely be driven more on speculation and rhetoric from European leader comments rather than economic fundamentals, and this will likely be the case for some time as inflation and base interest rate moves are unlikely.