Source: Bloomberg Munich-based research institution Ifo Institute slashed its economic growth projection for Germany for 2021 on supply chain concerns. Ifo expects Germany's economy to grow by 3.3% this year from its earlier forecast of 3.7%.The 2022 growth projection was revised upward to 4.3% from 3.2% previously.Losses due to the COVID-19 pandemic are pegged at … [Read more...] about German Economic Growth Forecast Slashed to 3.3% on Supply Chain Concerns
Forex News
UK Inflation Hits 2.1% in May on Higher Clothing and Petrol Prices
Source: Office for National Statistics British inflation in May surged to a level not seen in nearly two years, driven by higher prices of clothing and petrol products. Inflation accelerated to 2.1% in May from 1.5% in April and 2.0% the same month in 2020.The latest inflation print is the same as July 2019 and December 2018, and is only lower than November 2018's … [Read more...] about UK Inflation Hits 2.1% in May on Higher Clothing and Petrol Prices
China’s Retail Sales Jumps 12.4% to Miss Estimates as Uneven Recovery Continues
Source: National Bureau of Statistics of China China’s retail sales jumped by 12.4% in May to miss the expected rise of 13.6%. Other economic indicators also missed expectations to underscore lower consumer spending amid robust economic recovery. CSI 300 sheds -1.67%, USDCNY is down -0.13% In April, China’s retail sales also rose at a lower than expected 17.7% level as … [Read more...] about China’s Retail Sales Jumps 12.4% to Miss Estimates as Uneven Recovery Continues
Business Conditions in NY Fall by Seven Basis Points but Firms Remain Optimistic
Source: Federal Reserve Bank of New York General business conditions index in New York State fell by seven basis points to a lower level of 17.4 in June as activity expanded at a slower pace compared to May. DXY is up +0.04%, DJI is down -0.36%. Shipments and new orders rose moderately, with a surge in unfilled orders. Lead times rose at a record pace, with input … [Read more...] about Business Conditions in NY Fall by Seven Basis Points but Firms Remain Optimistic
U.S. Retail and Food Services Sales Down to Three-Month Low in May
Source: U.S. Census Bureau American retail and food services sales posted a 1.3% month-on-month drop in May to hit the lowest level in three months. Advance estimates fell to $620.2 billion, the lowest since February's $559.9 billion.The latest reading compares with $628.6 billion in April and $483.9 billion in May 2020.Total sales from March to May increased 36.2%, … [Read more...] about U.S. Retail and Food Services Sales Down to Three-Month Low in May
