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Eurozone PPI up 0.7% mom, 36.3% yoy in May

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    ActionForex.com
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    Eurozone PPI rose 0.7% mom, 36.3% yoy in May, versus expectation of 1.0% mom, 36.7% yoy. For the month, industrial producer prices increased by 1.7% for intermediate goods, by 1.3% for non-durable consumer goods, by 0.9% for durable consumer goods and by 0.6% for capital goods, while they decreased by -0.2% in the energy sector. Prices in total industry excluding energy increased by 1.3%.

    EU PPI rose 0.8% mom, 36.4% yoy. Among Member States for which data are available, the highest monthly increases in industrial producer prices were recorded in Finland (+5.5%), Estonia (+5.4%) and Lithuania (+4.9%). Decreases were observed in Ireland (-19.4%), Slovakia (-4.4%), the Netherlands (-0.8%), Bulgaria and France (-0.1% both).

    Full release here.

    Swiss CPI accelerated to 3.5% yoy in Jun, highest since 2008

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      ActionForex.com
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      Swiss CPI rose 0.5% mom in June, above expectation of 0.3% mom. The monthly rise was due to several factors including rising prices for fuel, heating oil, and fruiting vegetables. Over the 12-month period, CPI accelerated from 2.9% yoy to 3.4% yoy, above expectation of 3.2% yoy. That’s also the highest level since July 2008.

      Looking at some more details, core inflation rose 0.2% mom, 1.9% yoy. Domestic products inflation rose 0.3% mom, 1.7% yoy. Imported production inflation rose 1.2% mom, 8.5% yoy.

      Full release here.

      CHF/JPY topped in short term, but up trend intact

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        ActionForex.com
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        CHF/JPY’s up trend should have passed its climax for the near term. It has been lifted by buying in Swiss Franc on SNB’s hawkish rate hike in June, while BoJ is still standing firm by its ultra loose monetary policy. But recent pull back in benchmark treasury yields is giving Yen a lift. Meanwhile, as for the Franc, the pull back could be deeper if EUR/CHF manages to rebound firmly from 0.9970 long term support.

        Technically, a short term top should be in place at 143.74, on bearish divergence condition in 4 hour MACD. Deeper correction cannot be ruled out for now. But downside should be contained by 137.77 cluster support (38.2% retracement of 127.48 to 143.73 at 137.52) to bring rebound. The overall long term up trend in CHF/JPY is still in healthy shape to retest 151.22 high (2014 high, the spike after SNB removed the EUR/CHF floor).

        Australia expects resource and energy export earnings to make successive records this year and next

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          ActionForex.com
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          Australia’s Department of Industry, Science and Resources said in a new quarterly report that resources and energy exports earnings are expected deliver two successive record years in 2021-2022 and 2022-2023, before falling slightly in 2023-24 to a third highest ever figure.

          Resources and energy export earnings are estimated to be at AUD 405B in 2021-22, AUD 419B in 2022-23, and then notably lower at AUD 338B in 2023-24. The growth was mainly driven by higher prices as volume would remain below 2019-20 high throughout the forecast period.

          Full report here.

          US ISM manufacturing dropped to 53 in Jun, lowest in two years

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            ActionForex.com
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            US ISM Manufacturing PMI dropped from 56.1 to 53.0 in June, below expectation of 55.0. That’s the lowest level since June 2020.

            New orders dropped from 55.1 to 49.2. Production rose from 54.2 to 54.9. Employment dropped from 49.6 to 47.3. Supplier deliveries dropped from 65.7 to 57.3. Prices dropped from 82.2 to 78.5.

            ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for June (53 percent) corresponds to a 1.5-percent increase in real gross domestic product (GDP) on an annualized basis.”

            Full release here.

            Gold downside breakout, targets 1748

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              ActionForex.com
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              Gold’s selloff is finally picking up momentum today and breach of 1786.65 support indicates resumption of whole decline from 2070.06. Further fall should be seen to 61.8% projection of 1998.23 to 1786.65 from 1878.92 at 1748.16.

              It should be noted that fall from 1786.65 should now be in its fifth leg. That is, it should be near completion. Also, such decline is seen as the third leg of the consolidation pattern from 2074.84 (2020 high). Based on current structure, while break of 1748.16 cannot be ruled out, downside should be contained above 1682.60 support (38.2% retracement of 1046.27 to 2074.84 at 1681.92).

              Eurozone CPI accelerated to 8.6% yoy in Jun, but core CPI slowed to 3.7% yoy

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                ActionForex.com
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                Eurozone CPI accelerated from 8.1% yoy to 8.6% yoy in June, above expectation of 8.3% yoy. However, CPI core slowed from 3.8% yoy to 3.7% yoy, below expectation of 3.9% yoy.

                Looking at the main components, energy is expected to have the highest annual rate in June (41.9%, compared with 39.1% in May), followed by food, alcohol & tobacco (8.9%, compared with 7.5% in May), non-energy industrial goods (4.3%, compared with 4.2% in May) and services (3.4%, compared with 3.5% in May).

                Full release here.

                UK PMI manufacturing finalized at 52.8 in Jun, economic backdrop to darken further in H2

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                  ActionForex.com
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                  UK PMI Manufacturing was finalized at 52.8 in June, down from May’s 54.6, a two-year low. S&P Global said output growth slowed to near-stagnation pace as new orders intakes fell for the first time since January 2021. Price inflation remained elevated despite further easing.

                  Rob Dobson, Director at S&P Global Market Intelligence, said: “UK manufacturing output growth ground to a near standstill in June, as intakes of new work contracted for the first time since January 2021. Domestic market conditions became increasingly difficult and foreign demand fell sharply again… Business confidence took a hit as a result, dipping to its gloomiest since mid-2020…

                  “There were some welcome signs that supply-chain constraints and cost inflationary pressures may have passed their peaks. However, with these constraints still elevated overall and demand headwinds rising, it is likely that UK manufacturing will see the economic backdrop darken further in the second half of the year.”

                  Full release here.

                  Eurozone PMI manufacturing finalized at 22-mth low at 52.1, increasing likelihood of manufacturing recession

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                    ActionForex.com
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                    Eurozone PMI Manufacturing was finalized at 52.1 in June, down from April’s 54.6. That’s also the lowest level in 22 months. Readings of the member states were also weak, with the Netherlands at 19-month low of 55.9, Ireland at 16-month low at 53.1, Spain at 17-month low at 52.6, Germany at 23-month low at 52.0, France at 18-month low at 51.4, Austria at 22-month low at 51.2, Greece at 16-month low at 51.1, Italy at 24-month low at 50.9.

                    Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “Eurozone manufacturing has moved into decline in June, with production dropping for the first time for two years amid a steepening downturn in demand…. The downturn looks set to gain momentum in coming months…. One upside to the recent weakening of demand is an alleviation of some supply chain constraints, which has in turn helped cool inflationary pressures for industrial goods. With the survey data indicating an increasing likelihood of the manufacturing sector slipping into a recession, these price pressures should ease further in the third quarter.”

                    Full release here.

                    China Caixin PMI manufacturing rose to 51.7, restoration in the post-pandemic era

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                      ActionForex.com
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                      China Caixin PMI Manufacturing rose from 48.1 to 51.7 in June, above expectation of 50.2. Caixin said production increased at quickest rate for 19 months, as total new work and export sales returned to growth. Supplier performance stabilized.

                      Wang Zhe, Senior Economist at Caixin Insight Group said: “Restoration in the post-pandemic era remained the focus of the current economy, yet its base was far from strong. Deteriorating household income and expectations caused by a weak labor market dampened the demand recovery. Correspondingly, supportive policies should target employees, gig workers and low-income groups impacted by the outbreaks.”

                      Full release here.

                      Japan PMI manufacturing finalized at 52.7, optimism improved

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                        ActionForex.com
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                        Japan PMI Manufacturing was finalized at 52.7 in June, down from May’s 53.3. S&P Global said output growth slowed amid near-stagnation in new orders. Prices charged for goods rose at sharpest pace on record. Business optimism improved to three-month high.

                        Usamah Bhatti, Economist at S&P Global Market Intelligence, said: “June PMI data pointed to a softer expansion of the Japanese manufacturing sector… Panel members often commented that rising price and supply pressures amid sustained disruption and delays had held back activity in the sector… That said, the degree of optimism regarding the 12-month outlook for output strengthened to a three-month high in June… This is broadly in line with the estimate for industrial production to grow just 2% in 2022 before an acceleration in 2023.”

                        Full release here.

                        Japan Tankan large manufacturing index dropped to 9 in Q2

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                          ActionForex.com
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                          Japan Tankan survey showed that large manufacturer sentiment dropped to lowest in more than a year. But note improvement was seen in the non-manufacturing sector. Also, the strong capital expenditure plan was a big surprise, showing that corporate spending was still robust despite increasing uncertainty.

                          Large manufacturing index dropped from 14 to 9 in Q2, below expectation of 13. That’s the lowest level since Q1 2021. Large manufacturing outlook improved from 9 to 10, below expectation of 14.

                          Non-manufacturing index rose from 9 to 13, below expectation of 14. Non-manufacturing outlook rose from 7 to 13, below expectation of 17.

                          Capex plans for big firms seen rising 18.6% yoy in fiscal 2022, well above expectation of 8.9%.

                          Consumer inflation expectations rose from 1.8% to 2.4%. Three years ahead, consumer prices are expected to rise 2%, up from 1.6%.

                          Australia AiG manufacturing rose to 54, exports jumped but domestic sales fell

                            By
                            ActionForex.com
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                            Australia AiG Performance of Manufacturing rose 1.6 pts to 54.0 in June. Looking at some details, production rose 2.4 to 54.7. Employment rose 0.8 to 51.0. New orders rose 0.7 to 55.7. Exports jumped 10.1 to 53.0. Sales dropped -2.6 to 45.0. Input prices rose 2.1 to 89.3. Selling prices rose 2.1 to 67.8. Average wages dropped -5.5 to 69.3.

                            Innes Willox, Chief Executive of Ai Group said: “Although input price pressures continued to accumulate, Australia’s manufacturing sector expanded again in June with solid increases in production and new orders and a slight lift in employment. While export sales were up, domestic sales fell reflecting the decline in consumer and business confidence in the face of concerns about inflation, interest rates and asset values. Selling prices were higher in June but by a smaller amount than input costs as less robust demand inhibited the ability of manufacturers to fully recover their higher costs in the market.”

                            Full release here.

                            US initial jobless claims dropped to 231k

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                              ActionForex.com
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                              US initial jobless claims dropped -2k to 231k in the week ending June 25, above expectation of 229k. Four-week moving average of initial claims rose 7.25k to 232k.

                              Continuing claims dropped -3k to 1328k in the week ending June 18. Four-week moving average of continuing claims rose 5.5k to 1320k.

                              Full release here.

                              US PCE price index unchanged at 6.3% yoy, core PCE slowed to 4.7% yoy

                                By
                                ActionForex.com
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                                US personal income rose 0.5% mom, or USD 113.4B, in May, matched expectations. Personal spending rose 0.2% mom, or USD 32.7B.

                                For the month, PCE price index rose 0.6% mom while core PCE price index rose 0.3% mom. For the 12-month period, PCE price index was unchanged at 6.3% yoy while core PCE price index slowed from 4.9% yoy to 4.7% yoy. Energy prices rose 35.8% yoy while food prices rose 11.0% yoy.

                                Full release here.

                                Canada GDP grew 0.3% mom in Apr, but to contract -0.2% in May

                                  By
                                  ActionForex.com
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                                  Canada GDP grew 0.3% mom in April, matched expectations. Both goods-producing (+0.9%) and services-producing (+0.1%) industries were up, as 13 of 20 industrial sectors expanded.

                                  However, advanced information suggests that real GDP contracted -0.2% mom in May, with output down in mining, quarrying and oil and gas extraction, manufacturing and construction sectors.

                                  Full release here.

                                  Eurozone unemployment rate dropped to 6.6% in May, EU unchanged at 6.1%

                                    By
                                    ActionForex.com
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                                    Eurozone unemployment rate dropped from 6.7% to 6.6% in May, better than expectation of 6.8%. EU unemployment rate was unchanged at 6.1%. Eurostat estimates that 13.066m men and women in the EU, of whom 11.004m in the Eurozone , were unemployed in May

                                    Full release here.

                                    Swiss KOF economic barometer dropped to 96.9 in Jun, subdued outlook in upcoming months

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                                      ActionForex.com
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                                      Swiss KOF Economic Barometer dropped from 97.7 to 96.9 in June, slightly above expectation of 96.8. It’s now below long-term average for the second month in a row. KOF said, “the outlook for the Swiss economy in the upcoming months therefore remains subdued.”

                                      KOF added: “The downward movement of the barometer is primarily driven by bundles of indicators for foreign demand and manufacturing. Only indicators for the financial and insurance services sector and for the construction sector are at a nearly constant level. However, indicator bundles for private consumption show a slight positive trend.”

                                      Full release here.

                                      France consumer spending rose 0.7% mom in May, almost exclusively on manufactured goods

                                        By
                                        ActionForex.com
                                        -

                                        France consumer spending rose 0.7% mom in May, slightly above expectation of 0.6% mom. That’s the first increase after five months of contraction. The increase was almost exclusively due to the clear rebound in consumption of manufactured goods (+2.7% after -1.3% in April). Food consumption was stable (+0.1% after -1.2%) while energy consumption decreased significantly (-2.6% after +1.9%).

                                        Full release here.

                                        China PMI manufacturing rose to 50.2 in Jun, non-manufacturing up to 54.7

                                          By
                                          ActionForex.com
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                                          China official PMI Manufacturing rose from 49.6 to 50.2 in June., above expectation of 49.6. Sub-index for production rose to 52.8, highest since March 2021. PMI Non-Manufacturing rose from 47.8 to 54.7, above expectation of 52.5. That’s also the highest level in 13 months.

                                          “Even though the manufacturing sector continued to recover this month, 49.3 percent of the companies reported orders were insufficient,” said Zhu Hong, senior statistician at NBS. “Soft market demand is still the main problem facing the manufacturing industry.”

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