Forex News
Canadian Consumers: Not Quite on “E”
Canadian retail sales were unchanged in March, following a 0.7% rise the prior month (revised from +0.8%),
BOE Minutes: MPC voted 6-3 against expanding asset purchases
The message in Minutes from the May MPC meeting was very familiar and hence, the interpretation remains the same
FX Daily
Key news – Slightly positive sentiment this morning as strong Japanese machinery orders partly offset yesterday’s soft US data.
Consumer Prices Retreat Further in April
Gasoline Prices Fall in April Consistent with the primary themes of the April import price index and PPI reports, headline consumer inflation, as measured by the CPI,
Housing Starts Plunge in April as Weather Holds Back Activity
Starts Tumbled Back Below Permits – April’s 16.5 percent plunge in housing starts is less alarming when paired with the 14.3 percent rise in permits reported that month.
Japan: konnichiwa growth
In Q1 the Japanese economy grew by an annualised 3.5% q/q, a positive surprise relative to market expectation of 2.7% and the fastest pace in a year.
Performance of Manufacturing Index
The AiG Manufacturing PMI plummets to 36.7 in April from 44.4 in March. It is the lowest reading since 2009. It was another ugly downshift in this already weakened sector.
TIC: Foreign Purchases of U.S. Financial Assets Was Mixed
Behavior Is Different Between Private and Official • While net purchases of U.S. financial assets dropped once again in March, the behavior was very different between private and official sources of demand.
Industrial Production: Slowdown in Manufacturing
Industrial Production Falls on Lower Utilities & Manufacturing Industrial production fell more than expected in April, declining 0.5 percent over the month. Adding a little salt to the wound,
US Industrial production down 0.5 percent in April, weaker than expected
– Capacity utilisation dropped to 77.8 percent, from 78.3 percent in March – Utilities down 3.7 percent, from an increase of 6.4 percent in March
Euro area: Less recession but still recession
As expected, Euro-area GDP shrank by less in Q1 (-0.2%) than in Q4 of last year, but it still shrank and
Germany: Q1 GDP up 0.1% q/q
– GDP growth bounced back somewhat in Q1 2013, following a 0.7% fall in Q4 2012 revised downward from -0.6% q/q, the first fall since Q4 2011.