USD - Major events in the week ahead

Friday, Jun 12 2015

Events that marked the week:

In the US session, on Tuesday, JOLTS Job Openings figures were released. Job openings rose to 5.4 million on the last business day of April, the highest point since the series began in December 2000. Analysts were expecting smaller increase by 5.04 million. The job openings rate for April 2015 was 3.7%. The number of job openings increased for total private and was essentially unchanged for government. At the industry level, job openings rose over the month in health care and social assistance but fell in arts, entertainment, and recreation. In the regions, job openings increased in the West.

Thursday's session brought, Retail Sales and Unemployment Claims figures. U.S. retail and food services sales for May were $444.9 billion, an increase of 1.2% from the previous month, and 2.7% above May 2014. Analysts were anticipating smaller increase by 1.1% Total sales for the March 2015 through May 2015 period were up 2.1% from the same period a year ago. Retail trade sales were up 1.4% from April 2015, and 2.0% above last year. Motor vehicle and parts dealers were up 8.2% from May 2014 and food services and drinking places were up 8.2% from last year. Core Retail Sales also beat expectations on increase by 0.9% and rose 1.3%.

Separate report on Unemployment Claims showed that in the week ending June 6, the advance figure for seasonally adjusted initial claims was 279,000, an increase of 2,000 from the previous week's revised level. The 4-week moving average was 278,750, an increase of 3,750 from the previous week's revised average. The previous week's average was revised up by 250 from 274,750 to 275,000.

Friday's session was marked by PPI and Consumer Sentiment data. The Producer Price Index for final demand rose 0.5% in May, seasonally adjusted. Analysts were expecting smaller incline by 0.4%. Final demand prices fell 0.4% in April and advanced 0.2% in March. On an unadjusted basis, the final demand index declined 1.1% for the 12 months ended in May, the fourth straight 12-month decrease.

The University of Michigan preliminary consumer sentiment index increased to 94.6, topping all estimates on increase to 91.3, from a final reading of 90.7 in May that was the lowest in six months. Consistent labor-market improvement has helped buoy consumers’ attitudes even as costs at the gas pump rise from the cheapest rates since 2009. Further job gains and bigger paychecks should brighten moods and help underpin the household spending that makes up the largest part of the economy.

This week markets will be looking at:

Empire State Manufacturing Index (Monday 14:30)

Industrial Production (Monday 15:15)

NAHB Housing Market Index (Monday 16:00)

Building Permits/Housing Starts (Tuesday 14:30)

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

CPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 16:00)

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