Markets

Weak data pare traders' view on year-end USA rate hike

Weak data pare traders' view on year-end USA rate hike

Euro strengthened against the dollar on Friday as the greenback weakened after a benign reading of USA inflation in June and soft retail demand raised doubts the Federal Reserve would increase interest rates later this year.

But on Thursday, Yellen said that she believed it would be "premature" to conclude that a recent slowdown in price gains meant that the Fed would not be able to achieve its goal of 2 percent annual inflation.

Alan Clarke, head of Scotiabank's European fixed income strategy, said food prices and air fares likely made the most notable gains last month, alongside smaller increases in alcohol costs, restaurant prices and package holidays.

In commodities, oil crept lower, but held most of the gains made on Thursday after data showed China's oil imports in the first half of 2017 were nearly 14 percent higher than a year earlier.

USA consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation.

Adding to the downward pressure on yields Friday was a report from the Commerce Department that retail sales fell 0.2% in June from the prior month.

The 10-year yield settled at 2.319%, compared with 2.348% Thursday and 2.393% a week earlier.

The Consumer Price Index (CPI) has seen one of the weakest 4-month periods in 60 years of data released by the Labor Department.

Chesapeake Energy Corporation (CHK) closed its previous trading session at $4.72
Investors sentiment decreased to 1.61 in 2016 Q4. "Overweight" signal reported by 1 and "Underweight" rating was suggested by 0. Baird to "Neutral" on Wednesday, March 2. (NASDAQ:CRAY) earned "Buy" rating by Stifel Nicolaus on Friday, February 12.

As the bull market in stocks enters its eighth year and shows little signs of slowing there are growing signs that sthe Federal Reserve chief may be on the money. Economists surveyed by The Wall Street Journal had expected overall prices to advance 0.1% and core prices to gain 0.2% on the month. Economists had expected the index to edge down to 95.0.

After surprisingly weak CPI inflation data, the dollar index sank to a new low of 95.186 Friday, the lowest since September of previous year.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined more than estimated in May. In particular, core retail sales which exclude automobiles, declined by 0.2% instead of posting an equivalent percentage improvement that was expected by analysts. The Canadian dollar strengthened against its US counterpart on Friday as oil extended its rally, while the gap between Canadian and USA bond yields narrowed after weaker-than-expected US data.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 46 cents to settle at $46.54 per barrel. Waiting too long to remove accommodation could eventually require the Fed to raise rates too rapidly and risk pushing the economy into recession. The Dow futures dropped 5 points or 0.02%, the S&P 500 futures were unchanged, while the Nasdaq 100 futures rose 13 points, or 0.23%.

Money markets pricing suggests less than a 50 percent chance of a hike over the next year, according to CME's FedWatch tool.

The euro EUR= gained 0.64 percent to $1.468.

The loonie was about 0.1 percent weaker early on Friday at C$1.2729 to the dollar but is up nearly 1.1 percent this week.


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