Friday's US data gave a snapshot of an economy performing relatively well – better sentiment and a strong labour market performance. One should never take a single data point as indicative of an economy, but that has not stopped markets from reacting.
The US labour market is not a unified labour market – there are at least three (skilled, semi-skilled and unskilled) which do not share the same circumstances. Persistent weak labour conditions for low skilled labour in any economy risks the rise of anti-parties and scapegoat economics, as we wrote recently.
Rosengren of the Fed and Praet of the ECB are both scheduled to speak today – Fed speakers are perhaps more interesting in the wake of Fed Chair Yellen's attempts to position herself behind the curve on rising US inflation.
Euro data includes producer price inflation. Because companies sell to other companies more than they sell to consumers, this is a better indication than CPI of pricing power – the stronger Euro will have lowered export PPI in euro terms.