Deflation continues to circle the globe as evidenced by the latest inflationary data from New Zealand as nations that have managed to avert this situation are facing increased disinflation. Manufacturing data from the United States, China, and Euro Area continue to point to the slump in international trade as new orders fall and manufacturing indicators broadly contract. Across the Atlantic, the United States housing sector continues to wobble as evidenced by the divergent trends in existing home sales and new home sales. With the weather no longer a factor in determining why data is missing analyst expectations, the trend in new home sales is worrying as the Federal Reserve evaluates its options regarding interest rates. Durable goods excluding transportation and defense spending released on Friday showed that real investment in the US economy has fallen for 7-straight months. The UK has also seen fundamental data on the decline as evidenced by the latest retail figures and the unanimous vote of the Bank of England’s Monetary Policy Committee to keep policy unchanged. The US Dollar experienced broad losses over the week, seeing major peers gain on the weakness.