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The pyramid continues to rise

Published Thursday, April 3rd, 2014

The ECB meets later today at its monthly monetary policy meeting in the face of ever increasing deflation fears. The latest data showing that Eurozone factory prices dipped in February will only add to deflationary pressures. Although most believe that the ECB will prove reluctant to introduce stimulus measures, their decision might be influenced by the announcement of China’s latest mini-stimulus package amidst a sharper-than-expected economic slowdown.

US macroeconomic data continued to point to a build in momentum. A sturdy ADP jobs survey showed that private-sector employers added 191,000 workers during March and will boost optimism for tomorrow’s non-farm payroll report. Strong factory orders for February further added to the bullish mood and helped push Wall St to yet another record high in which the S&P 500 and DJIA gained 0.2% and 0.3% respectively.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.