The emerging conflict in Yemen overshadowed financial markets as the possibility of an expanded conflict in the Gulf sent oil prices soaring. Not helping matters was pervasive weakness in the dollar which started to reverse late in the week following stronger employment data. US GDP failed to beat expectations of 2.40% expansion, printing at a more modest 2.20% but the market reaction was fairly muted aside from renewed dollar momentum. US housing data remains mixed and more concerning is the stagnation in inflation which printed at an annualized pace of 0.00% for both the US and UK. With both nations on the cusp of deflation, the risk renewed downward price pressures could broadly impact the economic outlooks for both nations. The Eurozone outlook has improved moderately on the back of a weaker Euro, stronger German exports, and cheaper energy prices which have managed to keep inflation in positive territory. However, headline risks remain with the dark clouds circling the Greek economy.