Yellen Signals Rate Hikes Are Appropriate

Analisi Giornaliera - 29/08/2016

Hawkish Jackson Hole Symposium Speech Sent Dollar Higher


The Federal Reserve Chair, speaking at the annual two day Jackson Hole Symposium in Wyoming expressed confidence in the US economy and acknowledged that the Fed was closer to reaching its mandate of full employment and price stability. Ms. Yellen said that given the circumstances, rate hikes were appropriate. Although she did not mention the timing, her comments set off market volatility but the US dollar managed to close bullish by Friday’s close.

Japan's Inflation Gauge Continues to Fall

Late consumer price index data from Japan shows that inflation continues to remain absent. While Japan's National Core CPI fell 0.50% on a yearly basis, Tokyo's core CPI was also weaker, falling 0.40%. According to the BoJ, the central bank expects to achieve a 2.00% inflation target rate by March 2018. Driving inflation lower were fuel costs, communications, furniture and housing. Clothing, education, food and medical care however managed to rise during the reported period.


French Economic Growth Stays Flat in Q2

France's Gross Domestic Product (GDP) was confirmed today to show that the economy stagnated in the three months ending June. Official data from Insee showed on Friday that French GDP was recorded at 0.00% on a quarterly basis, while annualized GDP growth rate was confirmed at 1.40%. Growth remained flat as consumer spending dropped to zero and business investment fell.


UK Q2 GDP Growth Confirmed At 0.60%

The UK economy expanded at a pace of 0.60% in the second quarter of this year, confirming the data from the preliminary estimates and ahead of the Brexit referendum vote. The unremarkable data was largely ignored as GBPUSD spiked briefly but soon gave back its gains. 2016’s Q2 GDP marks a 14 months period of positive quarterlies since 2013. On a yearly basis, UK's GDP was seen at 2.20% unrevised from the preliminary estimates.


US GDP Growth Slows in Q2

The second quarter economic activity in the US was revised from 1.20% to 1.10%. Government spending and residential investment activity were weaker than previously expected, leading to the downward revision. Consumer spending was however revised higher to 4.40% from 4.20% as previously estimated.


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