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<p>Full speech here.</p> <p>The post <a rel="nofollow" href="https://www.actionforex.com/live-comments/294840-fed-chair-powells-speech-on-current-economic-issues/">Fed chair Powells’ speech on current economic issues</a> appeared first on <a rel="nofollow" href="https://www.a

<p>US PPI final demand dropped -1.3% mom in April, below expectation of -0.5% mom. That&#8217;s the largest monthly decrease since December 2009. Core PPI dropped -0.3% mom, below expectation of 0.0% mom. Annually, PPI dropped -1.2% yoy, dropped from 0.7% yoy, versus expectation of -0.4% yoy. That&#8217;s also the largest decline sinc

<p>Eurozone industrial production dropped -11.3% mom in March, slightly better than expectation of -12.0% mom. Production of durable consumer goods fell by -26.3% mom, capital goods by -15.9% mom, intermediate goods by -11.0% mom, energy by -4.0% mom and non-durable consumer goods by -1.6% mom. EU industrial production dropped -10.4% mom. Amo

<p>UK Chancellor of Exchequer Rishi Sunak said he’s not surprised with the record GDP contraction, as the economy is severely hit by coronavirus pandemic. He said: “In common with pretty much every other economy around the world we’re facing severe impact from the coronavirus. You’re seeing that in the numbers. That

<p>UK GDP contracted -2.0% qoq in Q1, matched expectations. That’s the largest decline since Q4 2008. Annually, GDP dropped -1.6% yoy, largest fall since Q4 2009. Services output dropped -1.9% qoq, largest quarterly fall on record. Production output fell by -2.1% qoq, driven by declines in manufacturing. Construction output decreased by

<p>Australia Westpac consumer sentiment rebounded notably by 16.4% to 88.1 in May, up from 75.6. That’s also the biggest gain since record began nearly fifty years ago, reversing much of April’s -17.7% decline. However, the index is still “relatively weak by historical standard”, being the second lowest reading since g

<p>Cleveland Fed President Loretta Mester said she doesn&#8217;t support using negative rates as a monetary policy tool in the US. She noted,  &#8220;the effects on the banking system and money market funds would make me not want to use that as a tool&#8221;. On the economy, she said in a speech that a &#8220;reasonable baseli

<p>NZD/USD dips notably after RBNZ decided to expand the asset purchase program. Focus is now back on 0.5994 support. Firm break there will suggest that corrective rebound from 0.5469 has completed. Bias will be turned back to the downside for retesting this low. Even in case of another rise, considering bearish divergence condition in 4 [&he

<p>RBNZ kept OCR unchanged at 0.25% as widely expected. Also, the central bank decided to expand the upper limit of the Large Scale Asset Purchase program (LSAP) to NZD 60B, up from NZD 33B. Government inflation-indexed bonds are now included in the program, together with government bonds and local government funding agency bonds. RBNZ is [&h

<p>The front-month WTI crude oil contract strengthened to the highest level in more than a month. The WTI-Brent spread also narrowed to the level not seen since March 31. The recovery in WTI crude price was helped by the unexpected decline in US oil inventory. The report from the US Energy Information Administration (EIA) shows […]