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German Producer Prices Rises for the First Time since February 2009, British Pound Halts Yesterday’s Advance

German Producer Prices Rises for the First Time since February 2009, British Pound Halts Yesterday’s Advance

2010-05-20 11:23:00
Michael Wright, Currency Analyst


Fundamental Headlines

• European Stocks Rise; Euro Steadies  – Wall Street Journal
• Fresh Bout of Selling Weighs on euro  – Wall Street Journal
• Europeans Scramble to Restore Unity  - Financial Times
• Europe Crisis in Rescue for Greece Bringing Euro to New Normal of $1.10 - Bloomberg
• Sweet Spot Found in Longest Maturities as Inflation Falls: Credit Markets - Bloomberg

EUR/USD – The economic docket during the European trade showed that producer prices in Germany rose 0.8 percent in April after climbing 0.7 percent the month prior, and exceeded economists’ expectations of 0.6 percent, the German federal statistics in office in Wiesbaden said today. At the same time, the annualized figures showed that prices accelerated 0.6 percent subsequent to tumbling 1.5 percent in March to mark the first advancement since February 2009. Meanwhile, German Chancellor Angela Merkel said she is “very worried” whether internationally coordinated exit strategies from the fiscal stimulus can be achieved as some countries wait to confirm stabilization in the labor markets. Moreover, Merkel stated that politicians are “no financial experts,” and went onto add that banks cannot be so big that they can “blackmail” states. The Chancellor’s comments comes a day after Germany  announced that it is banning all naked short-selling in European public debt, as well as shares in the country’s 10 largest financial institutions.  To discuss this and other topics, please visit the EUR/USD forum.

GBP/USD – Retail sales in the U.K. pushed higher for a third straight month in April as consumers continue to increase spending on the back of a strengthening economic recovery. Sales rose 0.3 percent in April after climbing a revised 0.5 percent the month prior, while the annualized reading showed that sales jumped 1.8 percent, which is in-line with expectations. Indeed, retail sales are likely to increase further as the Bank of England recently said that economic activity will continue to strengthen, however, there is a great chance that the pace of sales may come to a halt as uncertainties in the labor market lingers. Despite inflation accelerating to 3.7%, and causing Mervyn King to write a letter of explanation, the central bank will likely keep rates at 0.50% as the MPC said that “the substantial margin of spare capacity would continue to bear down on inflation after the impact of these factors had waned.” To discuss this and other topics, please visit the EUR/USD forum.

Written by Michael Wright, Currency Analyst
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