Data recap: little market reaction - ANZ

If anything the data pulse slightly underwhelmed overnight, but market reaction was minimal. 

Key Quotes:

"The second estimate of Q4 US GDP was steady. "

"Personal consumption was better than expected, but the trade deficit was a drag."

"The Atlanta Fed GDPNow model is pointing towards 2.6% growth in Q1. Looking ahead as the tax reform filters through we should see investment firm and consumption remain elevated. As Powell noted, aggregate demand should firm."

"Elsewhere, US pending home sales and Chicago PMI both disappointed."

"In Europe the inflation pulse, especially the core measure at 1.0% y/y, remained benign despite better economic growth. Services inflation, which is 44% of the index, rose to 1.3% y/y (1.2% y/y) and non-energy industrial goods prices (26% of the index) rose to 0.7% y/y (0.6% y/y).

"This leaves the ECB policy debate on forward guidance rather than any direct policy action in coming months. Lastly German unemployment remained steady, with the trend in strong job growth continuing (+631k last 12 months).