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Forex: Tuesday's review
Retail purchases in the U.S. fell 0.2 percent in May, following a 0.3 percent increase in April, Commerce Department figures showed today in Washington. The median forecast of economists called for a 0.5 percent decrease.
Wholesale costs in the U.S. rose more than forecast in May, led by higher prices for fuel, plastics and the fastest rise in 30 years for apparel and textile costs.
The Thomson Reuters/Jefferies CRB Index of commodities rose 0.2 percent and the Standard & Poor’s 500 Index gained 1.2 percent.
Earlier China reported increased retail sales and industrial output, spurring appetite for risk.
China’s retail sales rose 16.9 percent last month, while industrial production increased more than economists forecast, the statistics bureau reported. The 5.5 percent increase in China’s consumer-price index was the fastest in almost three years. Lenders were ordered to set aside more cash as reserves.
Data offset concern the fastest-growing major economy is cooling. New loans in China tumbled in May and money supply grew at the slowest pace since 2008, the central bank reported yesterday.
The Swiss franc dropped versus all of its major counterparts as the government lowered its forecast for 2012 economic growth and said further currency appreciation poses risks to its outlook.
UK labour market data is due at 0830GMT and is expected to show a 5k change in the claimant count with the rate at 4.6%. Average weekly earnings are expected to come in at 2.1%. The ILO measures are expected to show a -38k jobless change and a 7.7% rate. In London tonight, the Bank of England Governor Mervyn King delivers what is traditionally seen as his keynote annual address at the Mansion House.
US data starts at 1100GMT with the weekly MBA Mortgage Application Index. US data continues at 1230GMT with the May Consumer Price Index and the June NY Fed Empire State Survey. Consumer prices are expected to reflect the continued price pressures from food and energy, though to a lesser extent than in at the wholesale level. Overall CPI is forecast to hold steady in May, while core CPI is expected to rise 0.1%. At the same time, the NY Fed Empire State Index is expected to rise to a reading of
14.0 in June after falling in May. The US Treasury International Capital System (TICS) data is due at 1300GMT, shortly followed at 1315GMT by industrial production, which is expected to rise 0.2% in May after a flat reading in April that resulted from a shortage of motor vehicle parts from Japan. Stocks data at 1430GMT.US data then continues with the weekly EIA Crude Oil
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