#56 Seducing the carry trade?

The weak numbers of March were confirmed. Construction and manufacturing showed falls against February, perhaps higher than expected. With these data it is unlikely that the monthly activity indicator will show inter-monthly positive numbers. But the April data were more robust. Collections, patenting, cement dispatches, retail sales: all went forward. So even with the March trip, we will close a good first third of the year. Financially, the do…