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Fri, 03 Jul 2020 08:00:00 GMT
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Fri, 03 Jul 2020 08:00:00 GMT
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Singapore Retail Sales Log Record Fall In May
Fri, 03 Jul 2020 05:47:33 GMT
Singapore's retail sales fell at a record pace in May due to the lockdown measures imposed to prevent the spread of the coronavirus, or Covid-19, pandemic, official data showed on Friday.
China's Service Sector Grows Most Since 2010
Fri, 03 Jul 2020 05:09:00 GMT
China's service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed, survey data from IHS Markit showed Friday. The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. A score above 50 indicates expansion in the s
European Economics Preview: Eurozone Final PMI Data Due
Fri, 03 Jul 2020 04:52:08 GMT
Final composite Purchasing Managers' survey data from euro area is due on Friday, headlining a busy day for the European economic news. At 3.00 am ET, consumer and producer prices figures are due from Turkey. Inflation is expected to rise to 12.09 percent in June from 11.39 percent in May.
Dollar Stays Subdued Despite Paring Early Losses
Thu, 02 Jul 2020 21:16:02 GMT
After staying weak till about the end of the Asian session, the U.S. dollar rebounded in late morning trades on Monday, and moved above the flat line rest of the session amid reports showing a surge in number of new coronavirus cases.
U.S. Factory Orders Show Significant Rebound In May
Thu, 02 Jul 2020 14:29:32 GMT
New orders for U.S. manufactured goods showed a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department said factory orders spiked by 8.0 percent in May after plunging by a revised 13.5 percent in April.
U.S. Trade Deficit Widens More Than Expected Amid Steep Drop In Exports
Thu, 02 Jul 2020 13:47:59 GMT
With the value of exports falling by much more than the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of May. The Commerce Department said the trade deficit widened to $54.6 billion in May from a revised $49.8 billion in April.
U.S. Employment Spikes By 4.8 Million Jobs In June, Much More Than Expected
Thu, 02 Jul 2020 13:39:41 GMT
After reporting an unexpected jump in employment in the U.S. in the previous month, the Labor Department released a report on Thursday showing another record spike in employment in the month of June. The report said non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.
U.S. Jobless Claims Dip Much Less Than Expected To 1.427 Million
Thu, 02 Jul 2020 13:30:06 GMT
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits fell by much less than expected in the week ended June 27th. The Labor Department said initial jobless claims dropped to 1.427 million, a decrease of 55,000 from the previous week's revised level of 1.482 million.
Eurozone Unemployment Rises Less Than Expected
Thu, 02 Jul 2020 12:33:36 GMT
Despite a deep recession, the euro area jobless rate rose only marginally in May as the short-time work programs of member countries to support jobs amid the downturn caused by the coronavirus pandemic suppressed actual unemployment. The unemployment rate climbed to 7.4 percent in May from 7.3 percent in April, data released by Eurostat showed Thursday. In the same period last year, the jobless r
Support for the greenback is weakening: StanChart
Thu, 02 Jul 2020 06:03:31 GMT
Steven Englander of Standard Chartered expects the U.S. dollar to go lower from current levels, adding that the weakness could last for a while.
European Economics Preview: Eurozone Unemployment Data Due
Thu, 02 Jul 2020 03:47:12 GMT
Unemployment data from euro area is due on Thursday, headlining a light day for the European economic news. At 3.00 am ET, Spain's unemployment data for June is due. The number of people out of work had increased 26,600 in May.
Dollar Exhibits Weakness Against Other Major Currencies
Wed, 01 Jul 2020 21:23:36 GMT
The U.S. dollar drifted lower against some of the major currencies on Wednesday as risk sentiment in the market improved thanks to fairly encouraging economic data from the U.S., Europe and China.
Fed Minutes Detail Discussions On Forward Guidance, Yield Curve Control
Wed, 01 Jul 2020 18:56:57 GMT
With interest rates expected to remain at near-zero levels for the foreseeable future, the minutes of the Federal Reserve's June meeting showed participants discussed new tools for conducting monetary policy. The minutes showed the meeting included briefings on the roles of forward guidance and large-scale asset purchase programs as well as implementing yield curve control.
U.S. Construction Spending Unexpectedly Tumbles 2.1% In May
Wed, 01 Jul 2020 15:06:32 GMT
Construction spending in the U.S. unexpectedly saw a continued decrease in the month of May, according to a report released by the Commerce Department on Wednesday. The Commerce Department said construction spending tumbled by 2.1 percent to an annual rate of $1.356 trillion in May after plunging by 3.5 percent to a revised rate of $1.386 trillion in April.
U.S. Manufacturing Activity Unexpectedly Expands In June
Wed, 01 Jul 2020 14:48:42 GMT
After reporting contractions in U.S. manufacturing activity for three straights months, the Institute for Supply Management released a report on Wednesday showing activity unexpectedly expanded in the month of June. The ISM said its purchasing managers index jumped to 52.6 in June from 43.1 in May, with a reading above 50 indicating an expansion in manufacturing activity.
German Unemployment Increases Less Than Expected
Wed, 01 Jul 2020 13:42:31 GMT
Despite the coronavirus pandemic weighing on the German economic activity, unemployment increased less than expected in June, helped by the short-time work program. Data from the Federal Employment Agency revealed that the number of unemployed persons rose by 69,000 in June from previous month, which was much less than economists' forecast of 120,000. In May, the number of people out of work had
U.S. Private Jobs Report Shows Strong Growth In June, Substantial Upward Revision To May
Wed, 01 Jul 2020 13:16:53 GMT
A report released by payroll processor ADP on Wednesday showed a significant increase in private sector employment in the month of June as well as a substantial upward revision to the data for May. ADP said private sector employment jumped by 2.369 million jobs in June, which was below economist estimates for a spike of about 3.000 million jobs.
UK Manufacturing Sector Stabilizes In June
Wed, 01 Jul 2020 11:28:58 GMT
The UK manufacturing sector showed signs of stabilizing in June, following the steep downturn caused by the coronavirus, or Covid-19, pandemic, final data from IHS Markit showed Wednesday. The Chartered Institute of Procurement & Supply/ IHS Markit manufacturing Purchasing Managers' Index rose sharply to 50.1 in June from 40.7 in May. The reading came in line with the flash estimate.
Severe Downturn In Eurozone Manufacturing Eases
Wed, 01 Jul 2020 10:52:53 GMT
The severe downturn in the euro area manufacturing sector continued to ease in June amid easing of restrictions related to coronavirus pandemic, final survey data from IHS Markit showed Wednesday. The final factory Purchasing Managers' Index rose to a four-month high of 47.4 in June from 39.4 in May and improved from a flash reading of 46.9. Nonetheless, the reading was below the neutral 50.
Sweden Central Bank Expands QE, Holds Rate
Wed, 01 Jul 2020 08:19:00 GMT
Sweden's central bank expanded its quantitative easing and maintained interest rate at zero to support recovery and lift inflation as the coronavirus pandemic substantially hurt the economy. The executive board of Riksbank decided to extend the asset purchases programme to SEK 500 billion from SEK 300 billion. The programme will continue until the end of June 2021.
European Economics Preview: Germany Unemployment, Retail Sales Data Due
Wed, 01 Jul 2020 04:55:20 GMT
Unemployment and retail sales from Germany and house prices from the UK are due on Wednesday, headlining a busy day for the European economic news. At 2.00 am ET, Destatis is slated to issue Germany's retail sales and unemployment for May. Sales are forecast to fall 3.5 percent on a yearly basis, following a 6.5 percent decrease in April.
Dollar Loses Ground Against Other Major Currencies
Tue, 30 Jun 2020 21:20:03 GMT
The U.S. dollar retreated after a steady start Tuesday, hurt by worries about the spread of coronavirus across several states in the U.S. The dollar's movements were impacted by economic data from the U.S., and other parts of the world.
U.S. Consumer Confidence Jumps More Than Expected In June
Tue, 30 Jun 2020 15:05:14 GMT
Reflecting the re-opening of the economy and the recent drop in unemployment claims, the Conference Board released a report on Tuesday showing a bigger than expected improvement in U.S. consumer confidence in the month of June. The Conference Board said its consumer confidence index jumped to 98.1 in June from a downwardly revised 85.9 in May.
Chicago Business Barometer Rises Less Than Expected In June
Tue, 30 Jun 2020 15:03:21 GMT
A report released by MNI Indicators on Tuesday showed a continued contraction in Chicago-area business activity in the month of June. MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to jump to 45.0.
The U.S. can 'change the world' by devaluing the dollar, analyst claims
Tue, 30 Jun 2020 12:27:39 GMT
Instead of targeting bonds as a form of economic stimulus, policymakers should look to the value of the greenback, one independent macro advisor suggested.
Eurozone Inflation Rises Unexpectedly In June
Tue, 30 Jun 2020 11:36:09 GMT
Eurozone inflation accelerated unexpectedly in June as economies across the bloc started to relax coronavirus containment measures, preliminary data from Eurostat showed Tuesday. Inflation rose to 0.3 percent from a near-four year low of 0.1 percent logged in May. Economists had forecast the rate to remain unchanged at 0.1 percent.
US dollar may weaken past 7 against the Chinese yuan in the mid-term: Strategist
Tue, 30 Jun 2020 08:50:31 GMT
Joseph Capurso of Commonwealth Bank says the Chinese yuan strength is driven by signs that the country's economy is recovering. But for the yuan to strengthen further, he says a stronger recovery is needed in both China and in global markets. As the global economy recovers, he expects the U.S. dollar to weaken which may pull the currency below 7 against the yuan.
European Economics Preview: Eurozone Flash Inflation Data Due
Tue, 30 Jun 2020 03:13:38 GMT
Flash inflation from euro area and revised quarterly national accounts from the UK are due on Tuesday, headlining a busy day for the European economic news. At 2.00 am ET, the Office for National Statistics publishes UK revised quarterly GDP data for the first quarter. According to previous estimate, the economy shrank 2 percent sequentially, after staying flat in the previous three months.
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