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Markets were waiting for the US data before making any aggressive bets.
According to the accounts of the December European Central Bank monetary policy meeting, it was cautioned that a “higher for longer” inflation scenario could not be ruled out.
There were 286,000 initial claims for unemployment benefits in the US during the week ending January 15, data published by the US Department of Labor (DoL) revealed on Thursday. This reading followed last week’s print of 231,000 (revised up from 230K) and was well above consensus market expectations for 220,000. Continued claims in the week ending on January 8 also came in higher than expected at 1635K versus expectations for a more modest rise to 1580K from 1551K the week before.
German producer prices rose at a record pace in December amid increased energy prices.
According to data from the Federal Statistics Authority released today, Thursday, producer prices in the country with the largest European economy increased 24.2% in December on an annual basis, the highest level since the start of the census in 1949, and after rising 19.2% in November.
Analysts polled by Reuters had forecast that producer prices in Germany would rise 19.4%.
On a monthly basis, producer prices increased by 5% in December, compared to an increase of about 0.8% in the previous November.
