July 29, 2013

In a week crammed with meaningful data releases and press conferences at the FOMC and ECB, Monday was uneventful in both respects.

The dollar advanced 0.6% and 0.5% against the Australian and New Zealand dollars.  Otherwise, the U.S. currency rose 0.3% against sterling but fell 0.3% versus the yen, rose 0.1% against the euro but slid 0.1% against the loonie, and was 0.2% higher against the Swiss franc but flat relative to the Chinese yuan.

Stocks plunged 3.3% in Japan, 2.2% in China, and 0.8% in Taiwan but edged up 0.2% in Germany and down 0.2% in the U.S.

Gold climbed 0.4%.  Oil eased 0.2%.

The 10-year Treasury rose 4 bps to 2.60%.  The 10-year bund closed unchanged at 1.66%.

Seasonally adjusted Japanese retail sales unexpectedly slipped 0.2% on month in June but posted a larger 12-month increase of 1.6%.

After soaring 5.8% in May, U.S. pending home sales only retreated 0.4% in June and recorded a 10.9% advance from mid-2012.

A 6.3% on-year advance in Chinese industrial earnings last month was less than half as great as the 12-month to May increase.  The Chinese slowdown appears more pronounced than generally anticipated.

British M4 money was 1.5% larger in July than a year before.  The 57.67K number of mortgage applications surpassed expectations.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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