During yesterday’s visit of President Erdogan to the White House, President Trump said “I’m a big fan of the President”. It appears that the son-in-law diplomacy is more important at the moment, with President Trump stating that “We think we can bring trade up very quickly to about $100 billion between our countries”. The Turkish Lira (TRY) was strengthening, but gave up all its yesterday’s gains.
Germany managed to get away from a technical recession. Financial markets were expecting a second negative GDP q/q number in a row, which would define recession. Yet, today Germany reported a 0.1% GDP q/q growth.
Later today, OPEC is publishing its monthly report on oil.
Macro releases: US inflation moved higher, the Chinese Industrial Production and retail sails moved lower. Today’s economic calendar includes the European GDP q/q, the US unemployment claims and the US Crude oil inventories.
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