Forex News
ISM manufacturing at 49.0 in May, weaker than expected
• New orders weakened to 48.8 in May, from 52.3 in April • New export orders weakened to 51.0, from 54.0 in April
UK: Further increase in manufacturing PMI
In May, the headline manufacturing PMI improved further (to 51.3) in line notably with the rise in output (to 53.8) and in the new orders indices (to 53.7).
Norway Manufacturing PMI higher than expected at 52.0 in May
• PMI at 52.0 in May up from upwardly revised 49.2 in April • Improvement in all sub indices, except delivery time • PMI will not affet NB policy
Retail Trade – April 2013, Business Indicators – QI 2013
• Retail trade grew by 0.2% in April to be 3.2% higher through the year. • Over the month of April, retail trade growth was strongest in clothing, food and cafes.
Real spending up 0.1 percent in April, lower than expected
• Core PCE inflation remained at 1.1 percent in April • Real disposable income up 0.1 percent, versus 0.3 percent in March • The savings rate remained at 2.5 percent in April
Euro Zone: Inflation up in May
Inflation partially rebounded in May, rising to 1.4% after declining by 0.5pp in April to 1.2%. Despite some volatility, inflation is clearly on a downward trend.
Norway: Clearly weaker labour market
• Unemployment increased by 1700 persons in May • Clear upward trend which argues for a lower rate path • Strong credit growth, but not that strong impact on rates
Trade’s Magical Swings and Roundabouts
• Q1 terms of trade measure bounces 4.1% • As dairy price spikes begin to register • We expect a further gain of 7% in Q2
US GDP in Q1 revised down to 2.4 from 2.5 percent
• Net export was revised up • Inventories was revised down • Government consumption was revised down
Norway: Shoppers took a break after a very strong Q1
• April retail sales were weak with growth m/m at -0.6 % • Implies that Q2 started clearly weaker than Q1, but retail sales will pick up again
RBNZ Stuck in a Vortex
• Prudential tightening very close • As housing goes nuts • Wheeler talking the currency lower
Australia Building Approvals – April 2013
• The number of residential building approvals surged by 9.1% in April to be 27.3% higher over the year.