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As on Mar 28, 2024 12:00 AM |
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Car production in the United Kingdom rose for the sixth successive month in February amid strong demand in the domestic market, data from the Society of Motor Manufacturers and Traders, or SMMT, showed on Thursday. Total car production climbed 14.6 percent year-over-year, which was the best February performance since 2021. There were 79,997 units produced in February. Demand from the domestic market jumped by 58.0 percent to 20,658 units in February, and that from the foreign market grew by 4.6 percent. Powered by Commodity Insights |
Germany's retail sales saw a decline in February, data from Destatis revealed on Thursday. Retail sales dropped 1.9% from January. On a yearly basis, retail sales decreased 2.7% in real terms. Data showed that Food sales were down 1.7% from the previous month and non-food retailing drifted lower by 1%. Powered by Commodity Insights |
The UK's economy shrank by 0.3% in the final quarter of 2023, entering a technical recession for the first time since the aftermath of the COVID-19 outbreak in 2020. High inflation, record borrowing costs, and weak external demand weighed on demand and activity. Household consumption declined, while net trade contributed negatively to GDP. Fixed investment rose, and government consumption edged up. On a yearly basis, the UK economy contracted by 0.2% in Q4. Powered by Commodity Insights |
The British economy shrank by 0.2% year-on-year in Q4 2023, its first contraction since the 2020-21 recession, driven by high inflation, rising borrowing costs, and weak external demand. Net trade exerted downward pressure on GDP, with exports falling by 7.6% and imports by 1.5%. However, household consumption increased by 0.3%, fixed investment grew by 0.5%, and government consumption accelerated to 2.5%. For the full year 2023, the UK economy expanded by only 0.1%, the weakest growth since the 2009 financial crisis, excluding the pandemic year of 2020. Powered by Commodity Insights |
The US firms' concerns over uncertainty in sales revenue growth and employment in the four quarters ahead eased slightly in March, results of a survey by the Atlanta Fed showed Wednesday. The smoothed indicator for the sales revenue growth uncertainty slipped to 3.73 percent from 3.84 percent in February, the Atlanta Fed/Chicago Booth/Stanford Survey of Business Uncertainty (SBU) showed. The indicator for employment uncertainty also decreased in March, falling to 4.07 percent from 4.14 percent in the previous month. The results are based on survey responses from about 1500 panel members,who occupy senior finance and managerial positions at U.S. firms, from March 11-22. Powered by Commodity Insights |
The Domestic Supply Price Index in Singapore fell 2.8% year-on-year in February, slightly lower than the 2.7% decline in January. Prices continued to drop for crude materials, mineral fuels, and various manufactured goods. However, prices accelerated for food & live animals, beverages & tobacco, and miscellaneous manufactured articles. On a monthly basis, domestic supply prices decreased by 0.1%, following a 0.3% drop in January. Powered by Commodity Insights |
Fed?s Christopher Waller said that there is no rush to cut the policy rate based on additional economic data over the past month that has reinforced this view. It is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent he added. He continues to believe that further progress will make it appropriate for the FOMC to begin reducing the target range for the federal funds rate this year. But until that progress materializes, I am not ready to take that step, he stated. Powered by Commodity Insights |
Private sector credit in Australia increased by 0.5% month-on-month in February 2024, unchanged from an upwardly revised figure in the previous month. This marks the fastest pace in four months, driven by slightly faster growth in personal use credit (0.3% vs 0.2% in January), while business credit expanded slightly softer (0.6% vs 0.7%). Housing credit remained stable at 0.4%. On an annual basis, private sector credit grew by 5.0% in February, the most in six months, following a 4.9% gain in January. Powered by Commodity Insights |
Consumer inflation expectations in Australia decreased to 4.3% in March from 4.5% in February, the lowest level since October 2021. This easing is attributed to a moderation in goods prices following rate hikes totaling 425 basis points over the past two years by the central bank. Services inflation also slowed but at a more gradual pace. RBA Governor Michele Bullock indicated a flexible approach to curb inflation amid economic growth slowdown, emphasizing that the interest rate path remains uncertain and data-dependent. Headline inflation stood at 4.1% in Q4 2023, down from 5.4% in Q3 and a peak of 7.8% in Q4 2022. Powered by Commodity Insights |
Australia retail sales that are a measure of the country?s consumer spending, rose 0.3% on a monthly basis in February from the previous reading of a 1.1% rise, according to the official data published by the Australian Bureau of Statistics (ABS) on Thursday. The figure came in weaker than market expectations with an increase of 0.4%. Powered by Commodity Insights |
A report released by the Mortgage Bankers Association on Wednesday showed an extended pullback by mortgage applications in the week ended March 22nd. The MBA said the Market Composite Index, a measure of mortgage loan application volume, fell by 0.7 percent last week after slumping by 1.6 percent in the previous week. The Refinance Index led the way lower once again, slumping by 2 percent from the previous week, while the Purchase Index dipped 0.2 percent from one week earlier. Powered by Commodity Insights |
The International Monetary Fund or IMF stated in a latest update that Germany faces some serious economic challenges, but they aren?t necessarily the ones getting the most attention. Solving these challenges requires ambitious reforms. Germany is struggling as it was the only G7 economy to shrink last year and is set to be the group?s slowest-growing economy again this year, according to IMF?s projections. The weakness in Germany?s economy reflects a combination of temporary factors and some more structural ones. On the temporary side, when inflation surged, consumers cut back on purchases. The European Central Bank also raised interest rates to prevent higher inflation from becoming entrenched, which in turn depressed housing construction and other interest-sensitive sectors. A post-pandemic rebalancing of global demand away from manufactured goods and back toward services was also unfavorable for Germany?s manufacturing-intensive economy. The good news is that these temporary headwinds should gradually fade over the next year or two. Powered by Commodity Insights |
Producer prices in Malaysia rose by 0.3% year-on-year in February 2024, the first increase since September. This rebound follows a 0.6% fall in January. Prices recovered for mining and electricity & gas supply, while manufacturing prices fell less, particularly for coke & refined petroleum and food products. On a monthly basis, producer prices increased by 0.7% in February, rebounding from a 0.1% drop in January. Powered by Commodity Insights |
Australia's Consumer Price Index (CPI) held at 3.4% for the year ending February 2024, the lowest since November 2021. Food prices rose the least in 25 months, while prices for alcohol, tobacco, and communications moderated. Inflation for housing and health remained stable, but prices accelerated for transport, education, and clothing. Recreation and culture prices rebounded. The monthly CPI, excluding volatile items and travel, rose 3.9% in February, above the Reserve Bank of Australia's target range of 2-3%. Powered by Commodity Insights |
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