Another Gloomy Week In Europe

by Guillermo Alcalá
FXstreet.com
This week we have continued watching signs of stagflation in The Euro Area, with Consumer Prices growing at 3.3% annual pace in Germany and the advanced CPI in the Eurozone reaching 4.1% year on year, the highest level since records are taken. At the same time, manufacturing activity has failed to grow in the Unitred Kingdom and the Euro Area for second consecutive month and what is wrth has contracred even faster than in June, while German manufacturing activity has grown at a pace close to contraction.
In the United States, indicattors have been mixed, while GDP seems to have grown much faster than in the first qarter, and the consumer confidence seems to pick up mildly, although employment continues declining, unemployment rate has hit tha four year high, and non farm payrolls have declined for seventh consecutive month.

Nex week we have a handful of indicators ahead, theattention will be on the monetary policy decisions by the ECB, BoE and US Federal Reserve.