The Return of the JPY Carry trade, but economic storm clouds remain

European Market Update: The Return of the JPY Carry trade, but economic storm clouds remain; UK inflation data surges above expectations but BOE confident CPI will return back below target ECONOMIC DATA – (FR) French Feb Consumer Spending M/M: -2.0% v -1.0%e; Y/Y:-2.0% v -0.6%e – (FR) French March Business Confidence Indicator: 68 v 68e; Production Outlook Indicator: -70 v -78e; Company Production Outlook: -45 v -46e – (FR) French March Preliminary PMI Manufacturing: 36.3 v 35.0e; Preliminary

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