Friday, 21 July, 2017

US Consumer Prices Unchanged In June Amid Falling Energy Prices

Daily August Comex Gold Daily August Comex Gold
Delores Daniels | 16 July, 2017, 01:13

Market participants said the lack of spending from USA shoppers made it hard to envision inflation approaching the Fed's 2% target.

The continued drop in sales surprised economists, who had expected sales to inch up by 0.1% compared to the 0.3% decrease originally reported for the previous month. "The bigger market-wide events are rate decisions out of Europe and Japan along with an updated inflation print out of the United Kingdom; and this will likely be where the bulk of market participants" attention remains.

UK's benchmark FTSE 100 closed down by 0.7 percent, the pan-European FTSEurofirst 300 ended the day down by 0.01 percent, Germany's Dax ended down by 0.2 percent, France's CAC finished the day down by 0.1 percent.

The euro added 0.1 percent to 1.1416 against the dollar while the British pound was also 0.1 percent higher to 1.2966, a breakout of 1.2984 would likely lead the pound to a high of 1.3051.

U.S. Treasuries yields stayed below their recent peaks, with the 10-year yield at 2.360 per cent, compared to 2.398 per cent marked on Friday, its loftiest level in nearly two months.

Despite two straight months of decreasing retail sales, consumer spending likely gained steam in the second quarter after a helping to restrict economic growth to a 1.4 per cent annualised rate in the first quarter.

As inflation has slowed, the Federal Reserve's plans to raise interest rates once more this year and three times next year have come under greater scrutiny.

If we look at the chart of Core inflation below it shows just how bad the inflation problem is - the chart shows core inflation in an entrenched downtrend, measured on a year-on-year basis over a five-year period.

The kiwi was battered early in the week by disappointing domestic data but gained sharply toward the end of the week amid speculation the Reserve Bank may be more inclined to hike interest rates in the face of increases and bullish talk from other central banks including the Bank of Canada. Meanwhile, growth and inflation has started to show with more consistency in Europe and the United Kingdom, and this has led to even more deductive weakness in the Greenback as traders shift rate hike bets in the Euro and British Pound. It was the yield's largest weekly decline since the week ended June 2.

FED WATCH: Yellen rehashed her key message in her comments to Congress on Thursday, speaking of challenge posed by the dual risks of inflation: prices rising too slowly and prices accelerating too quickly. The 2 yr yield was at 1.35% before the data and is down 2 bps since.

A supply interruption in Nigeria boosted crude oil and prices posted a weekly gain of more than 4 percent on lower US stockpiles. Rental costs rose, with owners' equivalent rent of primary residence increasing 0.3 per cent after advancing 0.2 per cent in May.

Brent crude futures, the worldwide benchmark for oil, settled up 49 cents, or 1.01 percent, at $48.91 per barrel.U.S.

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