Kuroda speaks, US Crude Oil Inventories, Philly Fed Manufacturing Index, Unemployment Claims and inflation data from New Zealand…these are the main events for this week. Join us as we explore the market-movers coming our way.
Last week US data was mixed showing favorable consumer sentiment with disappointing inflation and retail sales figures. The University of Michigan index edged up to 98 in April, beating forecasts for 97.1 points. Current economic conditions index soared to a near all-time high reaching 115.2, while the outlook index increased to 86.9 from 86.5 but remained strongly divided along party lines as 69% of Republicans cited favorable news about employment and economic policies, compared with only 28% among Democrats.
Following this upbeat report, inflation and retail sales data were weaker than expected. Consumer prices declined 0.3% in March posting its first fall since February 2016. The main cause for this fall was a steep decline in fuel prices. Core CPI also declined by 0.1% while expected to rise 0.2%. Another disappointment was retail sales falling 0.2% in the month after a previous decline of 0.3% in February. Core sales remained flat while expected to rise 0.2%. Will we see more consistent data in the coming week?
