Forexlive European FX news wrap: Encouraging improvement in soft data, US CPI next ...Middle East

ECB's Nagel: It's important to be cautious and not overreactUS April NFIB small business optimism index 95.8 vs 94.5 expectedBoE's Pill: I do worry about upside risks to inflation in upside inflation scenarioGermany May ZEW survey current conditions -82.0 vs -77.0 expectedWhat is the distribution of forecasts for the US CPI?ECB's Makhlouf: Uncertainty is weighing on investmentBofA Fund Manager Survey: Fund Managers most underweight US Dollars since 2006China says fentanyl issue is not their responsibilityChina lifts ban on Boeing deliveries amid latest trade agreementUS Bessent: Talks in Geneva with China resulted in a mechanism to avoid escalationUK March ILO unemployment rate 4.5% vs 4.5% expectedTariffs policy can change overnight but supply chains cannotUS to reduce de minimis tariff on China shipments from 120% to 54%ECB reportedly to largely endorse past policy measures in strategy reviewGoldman Sachs scale back on Fed rate cut projections amid latest tariff developmentsFX option expiries for 13 May 10am New York cutUBS sees better growth prospects for China as tariffs impact easesChina President Xi Jinping says that tariff and trade wars produce no winners

We also got some promising signs in the soft data with the German ZEW and US NFIB surveys. Both improved as uncertainty and fears around tariffs and growth eased given the recent developments. We might see better and better data going forward.

The US Trade Representative Greer said that they are moving as quickly as they can on trade deals and basically confirmed that the goal is a 10% global tariff rate. That should decrease general uncertainty and improve economic conditions.

In my opinion, the focus will now switch from growth back to inflation.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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