Stronger Pound and Yen, Weaker European Share Prices and Commodities

April 14, 2015

The dollar is 0.4% softer against sterling and the yen but otherwise little changed.

Gold and oil have fallen by 0.7% and 0.4% to $1,190.7 per ounce and $52.11 per barrel.

Stocks have declined by 1.6% in Hong Kong, 1.3% in Italy, 1.1% in Spain and 0.7% in Germany.

The 10-year German bund is a basis point softer.

Australia’s monthly indices of business confidence and conditions climbed by three and four points in March.

British CPI inflation held steady at zero, while the core rate slid by 0.2 percentage points to 1.0%.  PPI inflation exceeded expectations slightly.  According to the government’s DCLG index, house price inflation declined to 7.2% in February from 8.4% in January.

Eurozone industrial production bounced 1.1% upward in February, a better-than-anticipated result, and accelerated fourfold to a 12-month advance of 1.6%.

Spanish consumer prices fell 0.7% in the year to March, while the Swedish CPI went up 0.2% in the same span. Italy’s CPI slid 0.1% on year.

The Monetary Authority of Singapore, which reviews monetary policy twice a year and subordinates such to an exchange rate target, left the SGD range midpoint, bandwidth, and slope unchanged.  Officials project inflation hovering near zero this year.  Singapore GDP advanced 1.1% in the first quarter of 2015, beating expectations.  On-year growth of 2.1% was unchanged from Q4 and similarly above expectations.

British same store sales were 3.2% higher than a year earlier in March. 

U.S. retail sales, producer prices and small business confidence data get released today.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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