Markets continue to lack a clear direction in early US session. Dollar remains soft in tight range while yen is trying to firm up a bit. Aussie edges further higher but Canadian dollar lags behind as crude oil softens a bit. US Personal income was flat in July versus expectation of 0.1% growth. spending rose 0.2%, inline with consensus. PCE deflator dropped less than expected by -0.8% yoy while core PC also slowed less than expected to 1.4% yoy. U of Michigan consumer sentiment was revised higher to 65.7 in Aug.
UK Q2 GDP was revised up from -0.7% qoq, -5.5% yoy, versus initial estimate of -0.8% qoq, -5.6% yoy. Gfk consumer confidence is unchanged at -25 in Aug versus expectation of improvement to -24. Sterling recovers mildly against Euro as traders take profits ahead of trend line resistance in the cross. Swiss KOF leading indicator rose much more than expected to -0.04 in Aug. Swissy also managed to strengthen against Euro. Eurozone confidence indicators are generally improved more than expected in Aug but provide little boost to the common currency.
Released from Japan overnight, headline CPI dropped further to a record -2.2% yoy in July, inline with expectation while core CPI also dropped to -2.2% yoy. It was the third straight month of record low in consumer inflation data and the fifth straight month of annual falls. Unemployment rate rose to record 5.7% in July while household spending slide -2%. The data argues that the government's stimulus plan are failing to spur demands which in turn push the economy deeper into deflation.
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UK Q2 GDP was revised up from -0.7% qoq, -5.5% yoy, versus initial estimate of -0.8% qoq, -5.6% yoy. Gfk consumer confidence is unchanged at -25 in Aug versus expectation of improvement to -24. Sterling recovers mildly against Euro as traders take profits ahead of trend line resistance in the cross. Swiss KOF leading indicator rose much more than expected to -0.04 in Aug. Swissy also managed to strengthen against Euro. Eurozone confidence indicators are generally improved more than expected in Aug but provide little boost to the common currency.
Released from Japan overnight, headline CPI dropped further to a record -2.2% yoy in July, inline with expectation while core CPI also dropped to -2.2% yoy. It was the third straight month of record low in consumer inflation data and the fifth straight month of annual falls. Unemployment rate rose to record 5.7% in July while household spending slide -2%. The data argues that the government's stimulus plan are failing to spur demands which in turn push the economy deeper into deflation.
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