Clarida's comments are reported by Reuters:
-Rollback will depend on data;
-The unwinding of the restrictions puts upward pressure on inflation;
-The Fed needs to recognize that there is risk in both rising and falling inflation;
-Current data is consistent with subdued inflation expectations;
-Gives great weight to inflation expectations;
-Important to consider wage and productivity growth along with employment and the share of the active population;
-Does not believe cryptocurrencies can replace the money.
Preliminary South Korean Industrial Production for April decreased by 1.6% monthly and increased by 12.4% annualized. Economists predicted an increase of 1.5% and 11.2%. Forex traders can compare this to South Korean Industrial Production for March, which decreased by 0.9% monthly and increased by 4.4% annualized. South Korean Retail Sales for April decreased by 2.3% monthly and increased by 8.6% annualized. Forex traders can compare this to Japanese Retail Sales for March, which increased by 2.3% monthly and 10.9% annualized.
Home Depot sales have increased dramatically in the past few years as consumers have become much more focused on the condition of their homes. With the onset of the coronavirus pandemic, this trend intensified as many were forced to maintain a social distance and ended up spending more time at home. It caused many to pay attention to things that needed to be fixed or improved. For others, the home began to replace the gym, office, and school, and they realized they needed to upgrade existing facilities or add new ones.
The U.S. stock market closed Friday's trading with growth due to the strengthening of the oil and gas, technology and consumer services sectors. The S&P 500 Index was up 1.49% at the close of trading on the New York Stock Exchange.
Bank of Japan Governor H. Kuroda, during an ongoing speech in Parliament, said:
-The central bank is taking extraordinary policy easing measures that no other central bank applies;
-In particular, we are talking about buying risky assets such as ETFs;
-It is a necessary measure that should help accelerate inflation to the 2% mark;
-The Central Bank takes into account that an excessive decline in yields at the far end of the curve could harm the economy;
-The Central Bank will consider the side effects of its monetary policy and the risks of financial imbalances;
-The potential impact of a growing number of new strains of the virus should be monitored closely, although Japan's overall economy is improving thanks to a strong global economic recovery.
The Singapore Trade Balance for April was reported at $5.685B. Forex traders can compare this to the Singapore Balance for March, reported at $5.610B. Non-Oil Exports for April decreased by 8.8% monthly and increased by 6.0% annualized. Forex traders can compare this to Non-Oil Exports for March, which increased by 1.1% monthly and 11.9% annualized.
Software giant Microsoft is essentially a true landlord of technology: Much of the global technology sector is reliant on its systems, both for work and home. Considering that Microsoft is one of the longtime blue-chip companies, it also has quite a few good prospects for growth.
On Friday, gold prices rose to the highest level since February after the publication of the U.S. labor market data, which did not meet expectations. At the same time, the weekly increase in prices of the precious metal may be the highest since November - about 4%.
Deputy Governor of the Bank of England Broadbent: the central bank's easing bias has weakened:
-We need clear signs of a sustained recovery in inflation towards the target level before we start to tighten policy;
-The downside risks have become less pronounced.
Australian NAB Business Conditions for April were reported at 32 and Australian NAB Business Confidence at 26. Forex traders can compare this to NAB Business Conditions for March reported at 25, and Australian NAB Business Confidence reported at 17.
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