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Labour Market Is ExpectedTitle:
Canadian Retail Sales Rise 0.4% in March
Canadian Retail Sales Rise 0.4% in March
- Canadian retail sales rose 0.4% in March 2012 following a 0.2% drop in February and a 0.2% gain in January. The increase in March modestly outpaced market expectations for a 0.3% increase.
- Overall, sales were helped by an unexpected 1.2% jump in sales at motor vehicle and parts dealers despite earlier indications that unit auto sales fell in the month. Excluding the auto component, sales rose a more modest 0.1%, which was below market expectations for a 0.5% gain, although weighed down by a price-led drop in gasoline station sales.
- Eliminating the effect of prices, the volume of retail activity climbed 0.4%. This marked the first increase in three months following unrevised 0.6% and 0.1% declines in February and January, respectively. ...
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U.S. Existing Home Sales Rose as Expected in April While Resale Prices Posted Solid Gains
U.S. Existing Home Sales Rose as Expected in April While Resale Prices Posted Solid Gains
- Existing home sales in the U.S. rose 3.4% from March's downwardly revised pace to 4.62 million annualized units in April, meeting market expectations.
- The median price of existing homes jumped 10.1% on a year-over-year basis and reached the highest level since July 2010.
- Months' supply of unsold homes rose to 6.6 as homes available for sale surged 9.5%.
- Anecdotal reports noted that the unseasonably warm temperatures seen early this year supported the outsized gain in resale activity in the first quarter (existing home sales were up by an annualized 20% on a quarterly basis), suggesting that some retracement of the recent strength may be in the offing. Today's reported increase in ...
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Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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U.S. Consumer Prices Held Steady in April, But Core Prices Increased
U.S. Consumer Prices Held Steady in April, But Core Prices Increased
- April 2012 consumer prices met expectations and held steady in the month following the 0.3% gain in March.
- Gasoline prices fell 2.6% partially to unwind the increases seen in the previous three months.
- Core prices also came in as expected by rising 0.2% in the month.
- The annual increase in the overall CPI moderated to 2.3% in April from 2.7% in March while the core rate held at 2.3%.
- The decline in energy prices in general, and gasoline prices specifically, was the main factor weighing on headline consumer price index (CPI) in April and resulted in the sharp moderation in the year-over-year rate. The annual increase in core prices remains above 2%; however, we continue to expect that the ...
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U.S. Trade Deficit Widened in March
U.S. Trade Deficit Widened in March
-The US trade deficit was $51.8 billion in March 2012, which was larger than the expected $50.0 billion shortfall; February's gap was revised to $45.4 billion from $46 billion.
-Exports rose 2.9% in March and imports jumped by 5.2%.
-The widening in the trade gap in March was in line with that assumed by the Bureau of Economic Analysis (BEA). Recent data showing that inventory growth and construction spending were less than assumed by the BEA, however, raise the prospect that the growth rate will be nudged lower than the 2.2% pace originally reported. The prospect of the US economy growing at a faster pace in the second quarter of 2012 remains intact. The US economy continued to generate jobs in April, albeit more slowly than forecasters ...
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A Mixed Session For Investors In Asia
Attention was momentarily drawn away from Europe by employment data out of Australia and then trade figures out of China, with the former printing better than expected and the latter disappointing the market. Following the data, price action was fairly range bound in the FX market as investors await the slew of news and data out of the UK and US tonight.
In Australia, data released early in the session showed that the unemployment rate dropped to 4.9% from 5.2% and employment increased by 15.5K, much better than the expected increase in the unemployment rate to 5.3% and a drop in employment of 5K. The participation rate also cooled at little, coming in at 65.2% versus a prior 65.4%.
Overall, the employment data bodes well for the health of the Australian economy this year. We were ...
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Asia Cannot Escape Europe And The Aussie Cannot Escape Swan's Budget
Growth fears stemming from Europe are once again weighing on investor sentiment, with the dollar the biggest loser in the FX market and equity markets falling throughout the session. This time it was comments from the radical leader of the Greek leftwing party that stirred the market.
The leader of the Syriza party, which came second in the weekend's election, Alexis Tsipras demanded an end to the austerity program and thereby the reversal of the fiscal and structure reforms that have allowed Greece to cut its budget deficit. This is fuelling speculation of a Greek exit from the euro, whilst this may not be a bad thing in the long-term it would likely result in a lot of market volatility and panic as it would be unprecedented territory, and thus no one is sure how it would play out.
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