Divyang Shah, IFR Senior Strategist
Divyang's focus is in following broad macro trends globally with a view to building a tradable analytical framework. He was editor of the flagship products at IDEAglobal as well as head of FX research and then moved to Chief Strategist at Commonwealth Bank of Australia before joining IFR.
The flash PMI readings from Germany and France for February have come in sharply above forecasts, leading the overall eurozone PMI to also surprise to the upside.
The ECB is never going to please everyone as it attempts to deliver policies to help meet its price stability mandate. With the German political focus slowly turning to the 2017 election we are back to discussing the issue of how the ECB is negatively impacting German savings/pensions.
The minutes of the March FOMC meeting confirm the view that caution on policy normalisation is appropriate given the greater scope to react to upside rather than downside surprises to the outlook.