Foreign Exchange Market Update

July 15, 2024

United States (U.S.): New York Manufacturing Index Edges Slightly Lower in July

A report released by the Federal Reserve Bank of New York showed regional manufacturing activity contracted at a slightly faster rate in July. The New York Fed said its general business conditions index edged down to a negative 6.6 in July from a negative 6.0 in June, with a negative reading indicating a contraction. Economists had expected the index to come in unchanged. Looking ahead, the New York fed said firms remained optimistic conditions would improve in the months ahead, although the index for future business conditions fell to 25.8 in July from 30.1 in June. 07/15/2024 - 08:38:00 (RTTNews)

European Union (E.U.): Eurozone Industrial Output Falls Less Than Expected

Euro traded at 1.0909 against USD at 9:00AM PST

Eurozone industrial production dropped for the first time in four months in May, though at a slower than expected pace, official data showed. Industrial output logged a monthly fall of 0.6% after remaining flat in April, the statistical office Eurostat said. Production was forecast to decline by 1.0%. Within major industrial groupings, durable consumer goods output decreased the most, down 1.8%, followed by capital goods falling 1.2%.

Intermediate goods also registered a fall of 1.0%. Meanwhile, production of energy goods and non-durable consumer goods grew 0.8% and 1.6%, respectively.

Yearly, the decline in industrial production softened slightly to 2.9% from 3.2% in April. The EU27 industrial production dropped 0.8% on month and contracted 2.7% from the previous year in May. 07/15/2024 - 08:38:00 (RTTNews)

China: GDP +4.7% On Year in Q2

China Yuan traded at 7.2592 again USD at 9:00AM PST

China's GDP expanded 4.7% on year in the second quarter of 2024, the National Bureau of Statistics said. That was shy of expectations for an increase of 5.1% and down from 5.3% three months prior. On a seasonally adjusted quarterly basis, GDP rose 0.7% - also missing forecasts for 1.1% and slowing sharply from 1.6% in the first quarter. The bureau also said that industrial production climbed 5.3% on year, beating forecasts for 4.9% but still down from 5.6% in May. Retail sales rose an annual 2.0% in June, missing forecasts for 3.3% and down from 3.7% the previous month. Fixed asset investment advanced 3.9% on year, in line with expectations and easing from 4.0% a month earlier. House prices were down 4.5% yearly after slumping 3.9% in May. The jobless rate came in at 5.0%, matching expectations and unchanged. 07/14/2024 - 22:09:00 (RTTNews)

New Zealand: Performance of Services Index Slumps in June – BusinessNZ

New Zealand Dollar traded at 0.6091 against USD at 9:00AM PST

The services sector in New Zealand continued to contract in June, and at a faster pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 40.2. That's down from the downwardly revised 42.6 in May, originally 43.0, and moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. Individually, sales at 35.6, employment at 45.6, new orders at 38.3, inventories at 43.5 , and supplier deliveries at 41.6 were deep in contraction territory. 07/14/2024 - 18:42:00 (RTTNews)