Source: Federal Reserve American consumer credit grew for the second straight month in May to mark its biggest climb in five years. KBE is down 0.75%. Total consumer credit grew 9.98% in May to mark the biggest increase since March 2016’s 10.36% growth.Total outstanding credit stood at $4.279 trillion versus April’s $4.244 trillion.Depository institutions remained … [Read more...] about US Consumer Credit Growth Hits Five-Year High in May
Forex News
UBS Projects Short-Term Rally after Reduced Reserve Requirements by PBOC
Source: CNBC Investment Bank UBS expects China’s move to cut bank reserves to boost liquidity-sensitive sectors and firms with strong earnings expectations. CSI 300 is up +1.25%, USDCNY is down -0.07%. The projections by UBS come after the People’s Bank of China cut the reserve requirements ratio by 50 basis points on Friday.About 1 trillion yuan or $154 billion is … [Read more...] about UBS Projects Short-Term Rally after Reduced Reserve Requirements by PBOC
EURAUD: Pair Strengthens As Australia Introduces New Covid-19 Restrictions
Germany’s trade surplus was accompanied by a positive current account in the balance of payment (BoP) at €13.1 billion (+84.51%) for May 2021 (YoY). The ECB incorporated climate change into its action plan in its monetary policy statement with reflections on environmental sustainability as a financial requirement. The Australian government tightened its Covid-19 … [Read more...] about EURAUD: Pair Strengthens As Australia Introduces New Covid-19 Restrictions
UK Economic Expansion Slows in May on Lower Manufacturing Output
Source: Office for National Statistics The UK economy posted its fourth straight month of expansion in May, albeit slower than the previous month, as manufacturing output was dragged by the global chip shortage. The gross domestic product grew by 0.8% in May, slower than the 2.0% in April, and 3.1% below the pre-COVID-19 levels recorded in February 2020.Manufacturing … [Read more...] about UK Economic Expansion Slows in May on Lower Manufacturing Output
China’s Inflation Cools as Producer Prices Post First Decline in Eight Months
China’s inflation cooled in June, with producer prices posting the first monthly decline in eight months. The producer price index grew 8.8% in June, following the 9% peak recorded in May. This is the first monthly decline since October 2020.The consumer price index rose 1.1%, slower than 1.3% in May.The decline is in line with the drop in both input and output prices in the … [Read more...] about China’s Inflation Cools as Producer Prices Post First Decline in Eight Months
