Entries Tagged 'Currency News' ↓

USD/TWD up at 32.746 midday vs 32.715 last close on broad strength in USD, buying in NDF market, but off intraday high of 32.865 as Taiwan shares recover to be +0.6%; volume moderate. “I have no clue where the pair is heading after the recent volatility in both currency and stock markets,” says foreign bank trader; generally, though, tips 32.700-32.850 recent range to hold as market searches for direction. Tips 32.700-32.750 band for afternoon.

U.S. retail sales rose during May, posting the third increase in five months, but much of the gain was due to gasoline station receipts given a boost by higher prices.

The 0.5% increase in retail sales reported Thursday by the Commerce Department was smaller than expected. Economists surveyed by Dow Jones Newswires forecast a 0.6% increase.

Several categories of retailers tumbled last month. The increases tended to be among sellers of essential items, such as food and clothes.

Filling station sales rose 3.6%. Excluding gasoline sales, other retailers’ sales increased 0.2%. Gas prices have gone up about 28% in the past six weeks, driving station receipts.

Overall retail sales in April were revised higher, decreasing 0.2% instead of 0.4% as previously reported. March sales fell 1.2% instead of 1.3%.

FORD US AUTO SALES FALL 24%, HIT 11-MONTH HIGH

Ford reports a 24% decline in U.S. sales for May, but the auto maker still posts its highest monthly sales since last June. Ford plans to take advantage of the competitors’ woes, announcing a 10,000-vehicle increase in 2Q production.

US STOCKS FLAT ON HOUSING DATA

U.S. stocks trade flat, seesawing between gains and losses, after a report
shows pending sales of existing homes in April posted their largest monthly
increase in eight years. Financial stocks trail the broader market as blue-chip firms announced plans to raise fresh capital. Treasury prices stabilize.

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