Citing a lack of clarity about when the risks to the U.S. economy will be resolved, the minutes of the Federal Reserve's latest monetary policy showed the central bank intends to remain flexible regarding future changes to interest rates. The minutes of the Federal Open Market Committee meeting held in late July showed members intend to pay close attention to the implications of incoming data.
The International Monetary Fund cautioned that monetary policy easing are unlikely to lead to currency devaluations that are adequate enough to cause a sustained improvement in a country's trade balance. Trade wars and currency devaluation concerns are set to be intensively discussed later this week when global central bankers will gather in Jackson Hole, Wyoming.
Existing home sales in the U.S. showed a notable rebound in the month of July, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales jumped by 2.5 percent to an annual rate of 5.42 million in July after slumping by 1.3 percent to a revised rate of 5.29 million in June.
The UK budget balance showed a small surplus in July, figures from the Office for National Statistics showed Wednesday. Public sector net borrowing excluding public sector banks was in GBP 1.3 billion surplus in July. This was smaller by GBP 2.2 billion from July 2018 and also remained below economists' forecast of GBP 2.7 billion.
Public sector finance data from the UK is due on Wednesday, headlining a light day for the European economic news. At 12.30 am ET, Dutch consumer spending and consumer confidence reports are due. At 2.00 am ET, Statistics Norway is scheduled to issue unemployment data for June. The jobless rate is seen unchanged at 3.4 percent in June.
The U.S. dollar traded weak on Tuesday as treasury yields dropped and traders looked ahead to the minutes of the Federal Reserve's July meeting, and Jerome Powell's speech at the symposium in Jackson Hole later this week.
The Reserve Bank of Australia would consider further monetary easing if needed to underpin sustainable growth and inflation and reviewed various unconventional policy loosening measures, according to the minutes of the meeting held in August. At the meeting, policymakers assessed it appropriate to view the developments in both global and domestic economies before cutting rates further.
Producer price data from Germany is due on Tuesday, headlining a light day for the European economic news. At 1.00 am ET, Statistics Finland publishes July unemployment report. The jobless rate stood at 6.2 percent in June. At 2.00 am ET, Destatis is scheduled to issue Germany's producer price data. Prices are forecast to rise 1 percent annually in July after climbing 1.2 percent in June.
The U.S. dollar gained against most major currencies on Monday amid hopes global central banks would step up stimulus to revive sagging economies and on positive comments by U.S. President Donald Trump about the U.S. economy.
The German economy could shrink further in the third quarter as the slowdown in the industry continues and this is set to gradually affect some parts of the service sector, the Bundesbank said in its monthly report, released Monday. Official estimates revealed last week that the biggest euro area economy contracted 0.1 percent in the second quarter.
Thailand's economic growth outlook was downgraded further after the economy logged its weakest growth in five years in the second quarter due to subdued domestic demand and exports. Gross domestic product expanded 2.3 percent year-on-year in the second quarter, slower than the 2.8 percent increase seen in the first quarter, the National Economic and Social Development Council said Monday.
Final inflation from euro area is due on Monday, headlining a light day for the European economic news. At 3.00 am ET, Statistics Austria is scheduled to release July consumer price data. Inflation had slowed to 1.6 percent in June from 1.7 percent in May. In the meantime, retail sales figures are due from Turkey. Also July consumer price data from Slovakia is due.
Producer price inputs in New Zealand climbed 0.3 percent on quarter in the second quarter of 2019, Statistics New Zealand said on Monday - following the 0.9 percent drop in the three months prior.
Producer price outputs advanced 0.5 percent on quarter after sliding 0.5 percent in the previous three...
After moving higher Friday morning on strong data on building permits and retail sales, the U.S. dollar retreated and gave up its gains as the session progressed.
Consumer sentiment in the U.S. has seen a significant deterioration in the month of August, according to a preliminary report released by the University of Michigan on Friday. The report said the consumer sentiment index tumbled to 92.1 in August after inching up to 98.4 in July. Economists had expected the index to dip to 97.2.