|
Prev
Next
|
|
| As on Apr 19, 2024 12:00 AM |
Your results on : Currency News |
|
|
International Monetary Fund or IMF stated in a latest update that Asia and Pacific economic growth surprised on the upside in the second half of 2023 as robust domestic demand fueled activity, especially in emerging Asian economies. Malaysia, the Philippines, Vietnam, and most notably India, recorded sizable positive growth surprises, according to IMF's press briefing on the Regional Economic Outlook for Asia and Pacific. Growth for the region reached 5 percent in 2023, much stronger than a growth of 3.9 percent in 2022, and this represents a 0.4 percentage points higher than what we had projected in the October 2023 Regional Economic Outlook, and the momentum carries over into 2024. We now project the region to grow by 4.5 percent in 2024 and upward revision of 0.3 percentage points relative to October. With this, Asia would contribute about 60 percent of global growth. The region is projected to grow by 4.3 percent in 2025. IMF stated that In China and India, it expects investment to contribute disproportionately to growth, much of it public, especially in India. In emerging Asia, outside China and India, robust private consumption will remain the main growth engine. In some advanced economies, such as Korea, we expect a positive impulse from exports, driven in part by strong global demand for high end semiconductors. Domestic demand would strengthen only gradually. Powered by Commodity Insights |
| Growth in Philadelphia-area manufacturing activity has seen acceleration in the month of April, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday. The Philly Fed said its diffusion index for current general activity jumped to 15.5 in April from 3.2 in March, with a positive reading indicating growth. The diffusion index for current general activity reached its highest level since hitting 16.9 in April 2022. The dip by the headline index came as the new orders index advanced to 12.2 in April from 5.4 in March, while the shipments index shot up to 19.1 in April from 11.4 in March. Meanwhile, the number of employees? index edged down to a negative 10.7 in April from a negative 9.6 in March, reflecting a continued decrease in jobs. The report also said the prices paid index soared to 23.0 in April from 3.7 in March, while the prices received index inched up to 5.5 in April from 4.6 in March. Powered by Commodity Insights |
| UK Retail sales volumes (quantity bought) were estimated to be flat (0.0%) in March 2024, following an increase of 0.1% in February 2024 (revised from 0.0%), according to the Office for National Statistics. Within retail, sales were mixed, with automotive fuel and non-food stores sales volumes rising by 3.2% and 0.5%, respectively. This was offset by falls in food stores and non-store retailers of 0.7% and 1.5%. Looking at the quarter, sales volumes increased by 1.9% in the three months to March 2024 when compared with the previous three months. This was following low sales volumes over the Christmas period for retailers. Powered by Commodity Insights |
| The producer prices of industrial products were 2.9% lower in March 2024 than in March 2023. In February, the year-on-year change rate was -4.1%. The Federal Statistical Office (Destatis) also reports that producer prices in March 2024 were up 0.2% on February 2024. In March 2024, lower energy prices continued to be the main reason for the year-on-year decline in producer prices. Intermediate goods were also less expensive than in March 2023, whereas higher prices had to be paid for consumer and capital goods. Energy prices in March 2024 were down 7.0% from March 2023. Compared with February 2024, energy prices remained unchanged. Intermediate goods prices were 3.7% lower in March 2024 than a year earlier. Compared with the previous month, they increased slightly by 0.1%. Powered by Commodity Insights |
| The dollar index moved up towards 106.3 in early trades friday, nearing its highest levels in over five months as investors are backing off from expecting Federal Reserve rate cuts, considering no reductions this year. The dollar hit fresh multi-month highs against major currencies but retreated from 34-year highs versus the yen after BOJ's Ueda hinted at raising rates again. Minneapolis Fed President Neel Kashkari called for patience on rate reductions, suggesting the first move might not happen until 2025. New York Fed President John Williams said another rate hike isn't his base case but is still possible due to inflation risks. US economic data, including jobless claims and the Philadelphia Fed Manufacturing Index, show a resilient economy. Powered by Commodity Insights |
| First-time claims for U.S. unemployment benefits remained flat in the week ended April 13th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims came in at 212,000, unchanged from the previous week's revised level. The Labor Department said the less volatile four-week moving average also came in unchanged from the previous week's revised average at 214,500. Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, crept up by 2,000 to 1.812 million in the week ended April 6th. The four-week moving average of continuing claims also rose to 1,805,250, an increase of 4,250 from the previous week's revised average of 1,801,000. Powered by Commodity Insights |
| A report released by the National Association of Realtors on Thursday showed a sharp pullback by existing home sales in the U.S. in the month March. NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19 million in March after surging by 9.5 percent to a rate of 4.38 million in February. The report also said housing inventory at the end of March totaled 1.11 million units, up 4.7 percent from 1.06 million units in February and up 14.4 percent from 970,000 units a year ago. The unsold inventory represents 3.2 months of supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023. NAR also said the median existing home price was $393,500 in March, an increase of 4.8 percent compared to $375,300 in the same month a year ago. Powered by Commodity Insights |
| The Conference Board released a report on Thursday showing an unexpected pullback by its index of leading U.S. economic indicators in the month of March. The report said the leading economic index fell by 0.3 percent in March after rising by 0.2 percent in February. The modest advance in February marked the first increase by the leading index in two years. The report also said the coincident economic index rose by 0.3 percent in March after inching up by 0.1 percent in February. Meanwhile, the Conference Board said the lagging economic index came in unchanged in March after rising by 0.3 percent in February. Powered by Commodity Insights |
| Euro area construction output grew for a third straight month in February and at a stronger pace, mainly led by civil engineering works and rebound in building construction, preliminary data from the statistical office Eurostat showed Thursday. Construction output rose a calendar and seasonally adjusted 1.8 percent month-on-month following a downwardly revised 0.2 percent gain in January. Building construction grew 3.5 percent, entirely reversing the 3.1 percent slump at the start of the year. Civil engineering work increased 4.5 percent following a 1.2 percent gain in the previous month. This was the second month of growth. Specialized construction work also grew for a second straight month, up 1.7 percent. In the EU, construction output increased 1.8 percent after a 1.2 percent fall in the previous month. Among EU member states, the biggest gains in construction output were logged in Austria, Germany and Slovenia, while the worst declines were seen in Hungary, France and Sweden. On a year-on-year basis, output decreased 0.4 percent in February after a 0.3 percent fall in January, which was revised from a 0.8 percent gain reported earlier. Powered by Commodity Insights |
| New car sales in the EU declined for the first time in three months in March amid weaker demand among four major markets, data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday. New car registrations fell 5.2 percent year-over-year to 1.0 million units in March, following a 10.1 percent surge in February. The timing of the Easter holidays negatively impacted last month's sales across most EU markets, the ACEA said. German market showed the worst plunge of 6.2 percent, followed by Spain with a 4.7 percent tumble. In Italy too, the car sales fell 3.7 percent over the year, and the French car market saw 1.5 percent decline. Powered by Commodity Insights |
| The euro area current account surplus decreased to a 3-month low in February, the European Central Bank reported Thursday. The current account surplus dropped to EUR 29.0 billion in February from EUR 39.0 billion in January. This was the lowest surplus since November last year. The surplus on goods trade decreased to EUR 34 billion from EUR 48 billion. By contrast, the surplus on services rose to EUR 7.0 billion from EUR 4.0 billion. Primary income posted a shortfall of EUR 2.0 billion in February, compared to a EUR 3.0 billion deficit last month. Similarly, the shortfall in secondary income narrowed to EUR 9.0 billion from EUR 10.0 billion. In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 443 billion, and non-residents' net acquisitions of euro area portfolio investment securities amounted to EUR 614 billion in the 12 months to February 2024, the data showed. Powered by Commodity Insights |
| Japan's tertiary activity index increased at a faster-than-expected pace in February, according to data from the Ministry of Economy, Trade, and Industry on Thursday. The seasonally adjusted tertiary activity index rose 1.5 percent month-on-month in February, reversing a 0.5 percent decrease in January. Among the individual components, living and amusement-related services, retail trade, wholesale trade, transport and postal activities, information and communications, finance and insurance, business-related services, electricity, gas, heat supply and water, and goods rental and leasing increased in February. Meanwhile, medical, health care and welfare, and real estate decreased. On a yearly basis, the tertiary activity index increased at a faster pace of 2.5 percent in February after a 1.0 percent gain in the prior month. Moreover, it was the quickest increase in six months. Powered by Commodity Insights |
| Australia's seasonally adjusted unemployment rate increased to 3.8% in March 2024 from February's 3.7%. The number of unemployed individuals rose by 20.6 thousand to 569.9 thousand. Full-time job seekers increased by 19.3 thousand to 371.3 thousand, while part-time job seekers rose by 1.3 thousand to 198.6 thousand. Employment unexpectedly fell by 6.6 thousand to 14.26 million, with part-time employment dropping by 34.5 thousand to 4.41 million and full-time employment increasing by 27.9 thousand to 9.85 million. The participation rate slightly decreased from 66.7% to 66.6%. The underemployment rate was 6.5%, down 2.3 points from March 2020. Monthly hours in all jobs increased by 17 million, or 0.9%, to 1,956 million. Powered by Commodity Insights |
| Extending the surge seen over the past few weeks, crude oil inventories in the U.S. once again increased more than expected in the week ended April 12th, according to a report released by the Energy Information Administration on Wednesday. The report said crude oil inventories jumped by 2.7 million barrels last week after spiking by 5.8 million barrels in the previous week. At 460.0 million barrels, U.S. crude oil inventories are now only approximately 1 percent below the five-year average for this time of year, the EIA said. Meanwhile, the EIA said gasoline inventories fell by 1.2 million barrels last week are about 4 percent below the five-year average for this time of year. Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.8 million barrels last week and are about 7 percent below the five-year average for this time of year. Powered by Commodity Insights |
| The Federal Reserve released a report on Wednesday saying overall U.S. economic activity has expanded slightly since late February. The Fed's Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said ten out of twelve districts experienced either slight or modest economic growth. While the other two districts reported no changes in activity, the number of districts reporting slight or modest economic growth is up from eight in the previous report. In contrast to recent upbeat retail sales data, the Fed said consumer spending has barely increased overall but acknowledged reports were quite mixed across districts and spending categories. Expanding on the issue of inflation, the Beige Book said price increases were modest, on average, running at about the same pace as in the last report. The Fed said disruptions in the Red Sea and the collapse of Baltimore's Key Bridge have so far not led to widespread price increases, but several districts noted moderate increases in energy prices and sharp increases in insurance rates. On the labor market front, the Beige Book said employment rose at a slight pace overall, with nine districts reporting very slow to modest increases and the remaining three reporting no changes in employment. Wages grew at a moderate pace in eight districts, while the remaining four noted only slight to modest wage increases, the Fed added. Powered by Commodity Insights |
| UK consumer price inflation softened in March to the lowest since September 2021, the Office for National Statistics reported Wednesday. Inflation weakened to 3.2 percent in March from 3.4 percent in February. The March inflation was the lowest since September 2021, when it was 3.1 percent. At the same time, core inflation that excludes energy, food, alcohol and tobacco, eased to 4.2 percent from 4.5 percent in February. The rate was seen at 4.1 percent. On a monthly basis, the consumer price index moved up 0.6 percent, the same as in February. Another data from the ONS showed that input prices fell 2.5 percent in the year to March, worse than a revised fall of 2.2 percent in the year to February. Meanwhile, factory gate inflation rose to 0.6 percent from 0.4 percent in the previous month. On a monthly basis, input prices fell 0.1 percent but output prices rose 0.2 percent in March. Powered by Commodity Insights |
| Japan posted a merchandise trade surplus of 366.5 billion yen in March, the Ministry of Finance said on Wednesday. Exports were up 7.3 percent on year to 9.469 trillion yen after adding 7.8 percent in the previous month. Imports slumped an annual 4.9 percent to 9.103 trillion yen after rising 0.5 percent a month earlier. Powered by Commodity Insights |
| A report released by the Federal Reserve on Tuesday showed industrial production in the U.S. increased in line with economist estimates in the month of March. The Fed said industrial production climbed by 0.4 percent in March, matching the upwardly revised advance in February. The increase in production partly reflected a rebound by utilities output, which surged by 2.0 percent in March after plummeting by 7.6 percent in February. Manufacturing output also climbed by 0.5 percent in March after jumping by 1.2 percent in February, boosted in part by a 3.1 percent spike in motor vehicles and parts output. Meanwhile, the report said mining output tumbled by 1.4 percent in March after surging by 3.0 percent in the previous month. The Fed also said capacity utilization in the industrial sector rose to 78.4 percent in March from a downwardly revised 78.2 percent in February. Capacity utilization in the utilities sector jumped to 69.1 percent in March from 67.9 percent in February, while capacity utilization in the manufacturing sector rose to 77.4 percent from 77.1 percent. On the other hand, capacity utilization in the mining sector fell to 91.0 in March from 92.3 percent in the previous month. Powered by Commodity Insights |
| The International Monetary Fund said on Tuesday that a resilient global economy is set for steady growth in the next two years as inflation returns to target gradually, but the growth will be uneven amid persistent risks. Global growth is set to remain at 3.2 percent this year and next, the same as in 2023, the IMF said in its latest World Economic Outlook. The forecast for this year was raised by a percentage point from January, while the outlook for next year was retained. The latest forecast for global growth five years from now--at 3.1 percent--is at its lowest in decades, the IMF said. Risks to the global economic outlook are now broadly balanced, the WEO report said. Powered by Commodity Insights |
| According to the figures released by the Eurostat, the first estimates of euro area balance showed a ?23.6 bn surplus in trade in goods with the rest of the world in February 2024, compared with +?3.6 bn in February 2023. The euro area exports of goods to the rest of the world in February 2024 were ?235.0 billion, a slight increase of 0.3% compared with February 2023 (?234.4 bn). Imports from the rest of the world stood at ?211.4 bn, a fall of 8.4% compared with February 2023 (?230.8 bn). In February 2024, the surplus recorded in the ?machinery and vehicles? sector nearly doubled compared with January 2024 and the deficit recorded for 'energy' products continued to decrease. As a result, the overall surplus increased. In the first two months of 2024, the euro area recorded a surplus of ?35.2 bn, compared with -?28.4 bn in January-February 2023. The euro area exports of goods to the rest of the world rose to ?460.7 bn (an increase of 0.6% compared with January-February 2023), and imports fell to ?425.5 bn (a decrease of 12.5% compared with January-February 2023). Intra-euro area trade fell to ?428.9 bn in January-February 2024, down by 6.2% compared with January-February 2023. The first estimates of EU balance showed a ?22.1 bn surplus in trade in goods with the rest of the world in February 2024, compared with +?2.0 bn in February 2023. The EU exports of goods in February 2024 were ?210.6 billion, up by 0.7% compared with February 2023 (?209.0 bn). The EU Imports of goods stood at ?188.5 bn, down by 9.0% compared with February 2023 (?207.0 bn). In January to February 2024, the EU recorded a surplus of ?28.4 bn, compared with a deficit of ?36.6 bn in January-February 2023. The EU exports of goods rose to ?409.8 bn (an increase of 0.5% compared with January-February 2023), and imports fell to ?381.4 bn (a decrease of 14.2% compared with January-February 2023). Powered by Commodity Insights |
|
|