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| As on Sep 22, 2017 12:00 AM |
Your results on : Currency News |
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| Speaking about youth unemployment in the Euro area, European Central Bank Mario Draghi said Friday that the strengthening of the recovery will continue to reduce the extent of youth unemployment. In order to address structural causes of youth unemployment, a uniform degree of protection among workers, flexible labor arrangements, vocational training and trade openness are necessary conditions, he said. The employment prospects of the young also depend on the existence of efficient labor market institutions, he noted. The persistence and heterogeneity of youth unemployment rates across the euro area countries even before the crisis, suggests that there is need for specific policies to improve education and labor market functioning in some countries. Powered by Commodity Insights |
| Eurozone headline composite output index rose unexpectedly to 56.7 in September from 55.7 in August, flash data from IHS Markit showed Friday. The expected score was 55.6. Growth accelerated in both manufacturing and services, albeit with the former continuing to lead the expansion. While service sector activity showed the largest rise since May, the increase in manufacturing output was the greatest since April 2011. The services Purchasing Managers' Index increased to 55.6 from 54.7 in August. The score was forecast to rise slightly to 54.8. At the same time, the factory PMI climbed to 58.2 from 57.4 a month ago, while it was forecast to fall to 57.2. Powered by Commodity Insights |
| Germany's composite output index rose unexpectedly for the consecutive second month in September, to 57.8 from 55.8 in August, flash data from IHS Markit showed Friday. This was the highest reading since April 2011. The manufacturing Purchasing Managers' Index climbed to 60.6 in September from 59.3 in August. The expected reading was 59. The sector logged the sharpest monthly improvement in business conditions since April 2011. The services PMI improved to a 6-month high of 55.6 from 53.5 in August. The score was above the expected 53.7. Powered by Commodity Insights |
| US Conference Board said its leading economic index climbed by 0.4 percent in August after rising by 0.3 percent in July. Reflecting large positive contributions from building permits, the yield spread, and consumer expectations, the Conference Board released a report on Thursday showing a bigger than expected increase by its index of leading U.S. economic indicators. Meanwhile, the Conference Board said the coincident economic index came in unchanged in August following a 0.3 percent increase in July. Powered by Commodity Insights |
| UK budget deficit decreased to its lowest August level since 2007, data from the Office for National Statistics showed Thursday. Public sector net borrowing excluding interventions decreased by GBP 1.3 billion to GBP 5.7 billion in August. This was the lowest August borrowing since 2007. In the current financial year-to-date period, PSNB fell GBP 0.2 billion to GBP 28.3 billion. Powered by Commodity Insights |
| Japan's all industry activity dropped 0.1 percent month-on-month in July, reversing a 0.2 percent rise in June, data from the Ministry of Economy, Trade and Industry showed Thursday. Industrial output contracted 0.8 percent monthly in July, while construction activity showed no variations. Tertiary activity registered an increase of 0.1 percent. On a yearly basis, all industry activity growth moderated to 2.0 percent in July from 2.2 percent in the prior month. Powered by Commodity Insights |
| The Japanese central bank kept its monetary stimulus unchanged as widely expected on Thursday. Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion. The bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent. The board also decided to maintain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank. With regard to outlook, Japan's economy is likely to continue its moderate expansion. Annual inflation is likely to continue on an uptrend and increase toward 2.0 percent, mainly on the back of an improvement in the output gap and rise in medium-to long-term inflation expectations. Powered by Commodity Insights |
| New Zealand's gross domestic product climbs 0.8 percent on quarter in Q2 of 2017, Statistics New Zealand said on Thursday, following the upwardly revised 0.6 percent increase in the three months prior (originally 0.5 percent). Retail trade and accommodation was up 2.8 percent, driven by an increase in accommodation and food and beverage services. Manufacturing was up 1.8 percent, with food, beverage, and tobacco product manufacturing being the largest contributor. Transport, postal, and warehousing was up 3.5 percent, due to road transport. Construction was down 1.1 percent, with all construction industries decreasing. On a yearly basis, GDP was up 2.5 percent. Powered by Commodity Insights |
| The National Association of Realtors said existing home sales in the US slumped by 1.7 percent to an annual rate of 5.35 million in August after tumbling by 1.3 percent to a rate of 5.44 million in July. With strained supply levels continuing to subdue overall activity, NAR released a report on Wednesday showing an unexpected decrease in existing home sales in the month of August. With the unexpected decrease, existing home sales fell to their lowest annual rate since hitting 5.34 million last August. Powered by Commodity Insights |
| The Organisation for Economic Co-operation and Development said in its Interim Economic Outlook, released Wednesday that the global economy is set for a further uptick next year, but strong sustainable, and inclusive medium-term growth is not yet secured. The global economy is forecast to grow 3.5 percent this year and 3.7 percent in 2018, with industrial production and trade picking up and further acceleration in the rebound of technology spending. The projection for 2017 was left unchanged, while the outlook for 2018 was revised up from 3.6 percent. Powered by Commodity Insights |
| UK retail sales volume including auto fuel advanced 1 percent in August from July, the biggest growth in four months and exceeded the expected rate of 0.2 percent and July's increase of 0.6 percent, data from the Office for National Statistics showed Wednesday. Excluding auto fuel, retail sales volume climbed 1 percent in August after rising 0.7 percent a month ago. Sales were expected to rise slightly by 0.1 percent. Year-on-year, retail sales volume growth improved to 2.4 percent from 1.4 percent. Powered by Commodity Insights |
| Germany's producer prices increased 2.6 percent year-on-year in August, faster than the 2.3 percent rise seen in July, Destatis reported Wednesday. This was the fastest growth since May, when prices climbed 2.8 percent. Prices were forecast to gain 2.5 percent. Month-on-month, producer prices moved up 0.2 percent, the same rate of increase as seen in July. Powered by Commodity Insights |
| The Westpac-Melbourne Institute Leading Index slipped from -0.04 per cent in July to -0.19 per cent in August. Westpac expects Australia's economic growth will be well below the Reserve Bank's 2018 forecast of 3.25 per cent and predicts interest rates will remain on hold in 2018. Westpac is currently forecasting growth of 2.5 per cent in 2018. Powered by Commodity Insights |
| New Zealand seasonally adjusted current account deficit came in at NZ$1.598 billion in the second quarter of 2017, following the NZ$2.2.85 billion shortfall in the three months prior, Statistics New Zealand said on Wednesday. On a yearly basis, New Zealand's current account deficit was NZ$7.5 billion (2.8 percent of GDP; it was 2.7 percent of GDP for the June 2016 year). Powered by Commodity Insights |
| Japan posted a merchandise trade surplus of 113.642 billion yen in August, down from 418.8 billion yen in July, the Ministry of Finance said on Wednesday. Exports climbed 18.1 percent on year to 6.278 trillion yen, from 13.4 percent in the previous month. Imports picked up an annual 15.2 percent to 6.164 trillion yen, down from 16.3 a month earlier. Powered by Commodity Insights |
| Eurozone construction output climbed 0.2 percent month-over-month in July, the same rate of rise as in June, which was revised from a 0.5 percent decrease reported earlier, data from Eurostat showed Tuesday. The gain in July was driven by a 0.3 percent growth in building construction. Meanwhile, civil engineering activity registered a decline of 0.4 percent. On a yearly basis, construction output grew at a slower pace of 3.4 percent in July, following a 4.3 percent increase in June, revised up from 3.4 percent. Powered by Commodity Insights |
| Germany's ZEW Indicator of Economic Sentiment improved in September 2017. Climbing 7.0 points compared to the previous month, the indicator now stands at 17.0 points. The indicator, however, still remains below the long-term average of 23.8 points. “The solid growth figures in the second quarter of 2017 in combination with a steep rise in bank lending and increasing investment activities by both the government and private firms are likely reasons for the financial market experts' significantly more positive outlook compared to that of last month. Their expectations are further corroborated by stable global economic development. The German federal elections do not seem to have been a source of uncertainty. The worries about the recent strengthening of the euro has, for now, also faded into the background,” comments ZEW President Professor Achim Wambach. The assessment of the current economic situation in Germany remains largely unchanged. The indicator currently stands at 87.9 points, which corresponds to an increase of 1.2 points compared with the August result. The financial market experts' assessment of the economic development of the Eurozone has also improved, with the respective indicator increasing by 2.4 points to a reading of 31.7 points. In contrast, the indicator for the current economic situation in the Eurozone fell by 2.9 points to a level of 35.5 points. Powered by Commodity Insights |
| Euro zone's working-day and seasonally-adjusted current account surplus in the 19-country currency rose to 25.1 billion euros ($30.10 billion) in July from 22.8 billion euros in June, even as the balance from goods trade narrowed, European Central Bank data showed on Tuesday. The rolling 12-month surplus shrank to 3.0 percent of the bloc's gross domestic product from 3.5 percent a year earlier, confirming the ECB's expectation of a narrowing gap in 2017. The ECB expects the surplus to ease to 2.9 percent of GDP this year from 3.5 percent in 2016, then to hover around 2.5 percent over the next two years. Based on unadjusted data, the July surplus rose to 32.5 billion euros July from 29.8 billion euros in June, the data showed. Powered by Commodity Insights |
| Australia's consumer confidence index climbed to 114.8 from 109.8 in the preceding week, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday. The consumer confidence strengthened during the week ended September, after weakening in the previous week. Consumers' views towards current and future economic conditions surged last week. The index measuring 'time to buy a major household item' jumped 4.0 percent, but stayed well below its long-term average suggesting that households remain cautious about big expenditures. Powered by Commodity Insights |
| US NAHB/Wells Fargo Housing Market Index dropped to 64 in September from a downwardly revised 67 in August. The National Association of Home Builders released a report on Monday showing a bigger than expected drop in U.S. homebuilder confidence in the month of September, reflecting concerns about the recent hurricanes. Powered by Commodity Insights |
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