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Labour Market ReportTitle:
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. ...
Title:
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 ...
Title:
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 ...
Title:
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? ...
Title:
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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Weekly Focus: The Greek Tragedy Continues
Weekly Focus: The Greek Tragedy Continues
■Government formation in Greece will continue to attract attention. Also keep an eye on the Eurogroup and Ecofin meetings next week.
■Global PMI releases will be important given the current mixed signals on the state of global growth. This includes the first-ever release of the US Markit flash PMI.
■US retail sales are likely to post anaemic growth as lower gasoline prices and sluggish same-store sales are dragging down sales growth.
■GDP data is likely to show global growth accelerating in Q1. We expect strong numbers for Japan and Norway, while euro area growth is likely to remain negative.
■We expect the People's Bank of China to deliver a 50bp cut in the reserve requirement within the coming two weeks.
■In ...
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Pound Drops as Consumer Confidence Worsens
The Great Britain pound declined after a report showed that confidence of Britons worsened last month, spurring speculation that the Bank of England will be forced to perform quantitative easing.
Nationwide Building Society reported that the Consumer Confidence Index fell from 53 in March to 44 in April. Estimates before the report predicted the index to remain stable at 52. Robert Gardner, Nationwide’s Chief Economist, said:
It is not surprising that confidence remains fragile, with the economy shrinking over the past six months and labour market conditions still weak.
He added:
Looking forward, there are a number of one‐off factors that are likely to impact confidence in the months ahead. News that the UK dipped back into recession at the start of the year may further ...
Title:
Canada's Economy Turns the Hiring Machine Back on
Canada's Economy Turns the Hiring Machine Back on
-58,200 jobs created in April 2012, beating the consensus forecast for a 10,000 increase.
- Unemployment rate inched up to 7.3% from 7.2% in March as the labour force grew by 72,500.
-April marked the second monthly increase in employment and boosted the tally of job gains so far this year to 140,000 or an average monthly gain of 35,000 jobs. This result beat the 29,000 average monthly increase recorded in early 2011 and far exceeds the 8,000 per month pace recorded in the next eight months of that year. This stepped up pace of job creation is more consistent with an economy that grew at an above-potential 2.5% rate last year and is on track to grow at a 1.8% pace in the first quarter of 2012. The weaker performance in first- ...
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