Foreign Exchange Market Update

May 15, 2024

United States (U.S.): Crude Oil Inventories Fall Much More Than Expected; Retail Sales Unexpectedly Unchanged in April; New York Manufacturing Index Unexpectedly Edges Lower in May; Consumer Prices Rise Slightly Less Than Expected in April

Crude oil inventories in the U.S. fell by much more than expected the week ending on May 10, according to the Energy Information Administration (EIA). The report said crude oil inventories slumped by 2.5 million barrels last week after falling by 1.4 million barrels the previous week. Economists had expected crude oil inventories to decrease by another 1.4 million barrels. At 457.0 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year, the EIA said. The EIA also said gasoline inventories edged down by 0.2 million barrels last week and are about 1% below the five-year average for this time of the year. Distillate fuel inventories, which include heating oil and diesel, slightly decreased last week at about 7% below the five-year average. 05/15/2024 - 10:39:00 (RTTNews)

Retail sales in the U.S. came in flat in April, according to the Commerce Department. Retail sales were virtually unchanged in April after climbing by a revised 0.6% in March. Economists had expected retail sales to rise by 0.4% compared to the 0.7% increase reported the previous month. Excluding sales by motor vehicle and parts dealers, retail sales edged up by 0.2% in April after jumping by 0.9% in March. The uptick matched economist estimates. 05/15/2024 - 08:39:00 (RTTNews)

The Federal Reserve Bank of New York released a report showing regional manufacturing activity unexpectedly contracted at a slightly faster rate in May. The New York Fed said its general business conditions index edged to a negative 15.6 in May from a negative 14.3 in April, indicating a contraction. Economists had expected the index to rise to a negative 10.0. Looking ahead, the New York Fed said optimism about the outlook remained subdued, although firms still expect conditions to improve over the next six months. 05/15/2024 - 08:41:00 (RTTNews)

A highly anticipated report released by the Labor Department on Wednesday showed consumer prices in the U.S. rose by slightly less than expected in April. Consumer price index increased by 0.3% in April after rising by 0.4% in March. Economists had expected consumer prices to climb by another 0.4%. Excluding food and energy prices, core consumer prices rose by 0.3% in April after climbing by 0.4% in March. The increase in core prices matched economist estimates. The annual rate of consumer price growth slowed to 3.4% in April from 3.5% in March, in line with expectations. The annual rate of core consumer price growth decelerated to 3.6% in April from 3.8% in March. The slowdown also matched estimates. 05/15/2024 - 08:37:00 (RTTNews)