| Core Retail Sales m/m |
-0.1% |
-0.1% |
-0.4% |
| Retail Sales m/m |
0.1% |
-0.3% |
-0.5% |
| Business Inventories m/m |
0.0% |
0.3% |
0.0% |
| German Final CPI m/m |
-0.5% |
-0.5% |
-0.5% |
| German WPI m/m |
-0.2% |
-0.3% |
-0.2% |
| German ZEW Economic Sentiment |
36.4 |
39.5 |
36.3 |
| Industrial Production m/m |
1.0% |
0.6% |
0.3% |
| ZEW Economic Sentiment |
27.6 |
27.3 |
24.9 |
| NFIB Small Business Index |
92.1 |
89.9 |
89.5 |
| Import Prices m/m |
-0.5% |
-0.5% |
-0.2% |
| French Prelim GDP q/q |
-0.2% |
-0.1% |
-0.2% |
| German Prelim GDP q/q |
0.1% |
0.3% |
-0.7% |
| French CPI m/m |
-0.1% |
0.1% |
0.8% |
| Italian Prelim GDP q/q |
-0.5% |
-0.4% |
-0.9% |
| Flash GDP q/q |
-0.2% |
-0.1% |
-0.6% |
| PPI m/m |
-0.7% |
-0.6% |
-0.6% |
| Core PPI m/m |
0.1% |
0.1% |
0.2% |
| Empire State Manufacturing Index |
-1.4 |
3.6 |
3.1 |
| TIC Long-Term Purchases |
-13.5B |
33.8B |
-13.3B |
| Capacity Utilization Rate |
77.8% |
78.4% |
78.3% |
| Industrial Production m/m |
-0.5% |
-0.1% |
0.3% |
| NAHB Housing Market Index |
44 |
43 |
41 |
| Crude Oil Inventories |
-0.6M |
0.5M |
0.2M |
| French Prelim Non-Farm Payrolls q/q |
-0.1% |
-0.3% |
-0.3% |
| Italian Trade Balance |
3.24B |
1.72B |
1.09B |
| CPI y/y |
1.2% |
1.2% |
1.2% |
| Core CPI y/y |
1.0% |
1.0% |
1.5% |
| Trade Balance |
18.7B |
11.8B |
12.7B |
| Building Permits |
1.02M |
0.94M |
0.89M |
| Core CPI m/m |
0.1% |
0.2% |
0.1% |
| Unemployment Claims |
360K |
332K |
328K |
| CPI m/m |
-0.4% |
-0.3% |
-0.2% |
| Housing Starts |
0.85M |
0.98M |
1.02M |
| Philly Fed Manufacturing Index |
-5.2 |
2.5 |
1.3 |
| Natural Gas Storage |
99B |
96B |
88B |
| Prelim UoM Consumer Sentiment |
83.7 |
77.9 |
76.4 |
| Prelim UoM Inflation Expectations |
3.1% |
3.1% |
|
| CB Leading Index m/m |
0.6% |
0.3% |
-0.2% |
Last week’s calendar was quite crowded, there were a lot of indicators published for both Europe and United States economies.
We cannot say that better data for one than for the other. From the Euro Zone the economic sentiment ZEW came in line with the expectations, while the German ZEW dropped to 36.4. Even though the industrial production came as a pleasant surprise, signaling a 1% growth, the publication of the PIB on Wednesday has discouraged the investors. Euro Area remains in recession and for the moment nothing that ECB does, do not work.
The US data had a strong start. Monday the retail sales were above expectation, afterword TIC, Industrial Production, PPI, CPI and also Unemployment Claims came under the forecasts of the analysts. All these usually should have been enough to depreciate the dollar. Though it did not happen investors have bought the US currency every time a good indicator came like: NFIB Small Business Index, NHAB Housing Market Index and CB Leading Index.
On his last speech Ben S. Bernanke said nothing about the FED monetary policy, meaning that each indicator published for the US could trigger new appreciation for the dollar.
On the EURUSD chart a Head and Shoulders has been formed. The baseline of the pattern sits around 1.2750-1.2700. If this formation will be confirmed by a weekly close under the support area mentioned earlier we can expect a further fall to 1.2150 or even 1.790.
EURUSD is down 1.04% even though the US data was mostly under the market expectations, investors are preferring the USD.
Wrap Up 13-17 May EURUSD Down 1.04% by Razvan Mihai
