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外汇市场最新讯息

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July 19, 2024

bar graph shows overnight changes in major currencies around the world

 

United States (U.S.): Philly Fed Index Indicates More Widespread Growth in July

The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth by regional manufacturing was more widespread in July. The Philly Fed said its diffusion index for current general activity jumped to 13.9 in July from 1.3 in June, with a positive reading indicating growth. Economists expected the index to inch up to 2.9. The bigger-than-expected increase in the headline index partly reflected significant turnarounds by new orders and shipments.

The new orders index surged to a positive 20.7 in July from a negative 2.2 in June, while the shipments index spiked to a positive 27.8 in July from a negative 7.2 in June. The report also showed a notable turnaround in employment, as the number of employees index shot up to a positive 15.2 in July from a negative 2.5 in June. The Philly Fed said most future activity indicators also rose, suggesting more widespread expectations for overall growth over the next six months. The diffusion index for future general activity soared to 38.7 in July from 13.8 in June, reaching its highest level since July 2021. On the inflation front, the prices paid index dipped to 19.8 in July from 22.5 in June, while the price received index jumped to 24.2 in July from 13.7 in June. A separate report released by the Federal Reserve Bank of New York on Monday showed regional manufacturing activity contracted at a slightly faster rate in July. The New York Fed also mentioned its general business conditions index edged down to a negative 6.6 in July from a negative 6.0 in June, with a negative reading indicating contraction. Economists expected the index to come in unchanged. Furthermore, the New York Ffed said firms remained fairly optimistic and conditions would improve in the months ahead, although the index for future business conditions fell to 25.8 in July from 30.1 in June. 07/19/2024 - 07:51:00 (RTTNews)

 

United Kingdom (U.K.): Retail Sales Fall in June

British Pound traded at 1.2917 against USD at 9:00 AM PST.

Despite an improvement in consumer sentiment, U.K. retail sales logged a notable decline in June amid election uncertainty and poor weather conditions According to the Office for National Statistics, retail sales decreased 1.2 percent month-on-month in June, in contrast to the 2.9 percent increase posted in May. Sales were expected to log a moderate 0.4 percent fall. Excluding auto fuel, retail sales declined 1.5 percent compared to an increase of 2.9 percent in May. The decline was worse than the forecast of a 0.5 percent drop. Non-food store sales decreased 2.1 percent in June, reversing May's 3.3 percent increase due to election uncertainty, poor weather, and low footfall. Food stores decreased by 1.1 percent from May as consumers showed caution with their spending. Meanwhile, auto fuel sales posted a monthly growth of 2.2 percent. The amount spent online fell by 2.7 percent in June from May but rose by 2.3 percent compared to June 2023. In the second quarter, retail sales volume edged down 0.1 percent from the first quarter and decreased 0.2 percent from the last year. The large fall in retail sales in June reversed the jump in May and suggests that rising real income and improve sentiment have failed to translate into a significant increase in spending on goods, Capital Economics' Andrew Wishart said.

The disappointing figures mean that the retail sector will make no contribution to quarterly growth in the second quarter, but this will not stop GDP from expanding by 0.6-0.7 percent in the second quarter, said Wishart. Yearly retail sales volume eased 0.2 percent in June after rising 1.7 percent in May, while sales were expected to grow by 0.2 percent. Excluding auto fuel, sales volume slid 0.8 percent following a 1.6 percent rise in May and economists forecasted a 0.2 percent increase. However, a monthly survey from GfK showed that the British consumer sentiment improved in July. The consumer confidence index rose to -13 in July from -14 in June. The reading was seen at -12. The improvement was driven by the major purchase sub-index, which rose 7 points from June. 07/19/2024 - 03:20:00 (RTTNews)

 

Japan: Core Inflation Rises in June

Japanese Yen traded at 157.37 against USD at 9:00 AM PST.

Japan's core inflation rose for the second straight month in June, keeping hope alive of another interest rate hike. Core inflation that excludes fresh food edged up to 2.6 percent in June from 2.5 percent in May. However, this was slightly below economists' forecast of 2.7 percent, the Ministry of Internal Affairs and Communications said. Likewise, the consumer price index excluding prices of fresh food and energy also rose marginally to 2.2 percent from 2.1 percent. At the same time, headline inflation held steady at 2.8 percent. 

Although actual inflation figures slightly missed market consensus, inflationary pressures are building on both the supply and demand sides, ING economist Min Joo Kang said. Given the recovery in consumption, solid wage growth, and the potential for further inflationary pressures from a weaker yen, the BoJ is set to raise its policy rate by 15 basis points this month, the economist added. 07/19/2024 - 01:06:00 (RTTNews)


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