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| Posted by: Paul Donovan | Tags: Paul Donovan

  • Mr Bullard of the Fed thinks that they may be a bit late in raising rates (he will just have to be patient as we see no move before June). Retail sales data from the US today could be of some interest, especially as previous month's data were weak but inconsistent with other indicators (and may be revised).
  • The US also provides import price data, which may be a focus in the context of the dollar's move. Oil should boost the headline (month on month). Non-oil prices may be lower but this may not be a direct consequence of the dollar, as exporters to the US are mainly matching US producer price changes.
  • In the Asian time zone the Reserve Bank of New Zealand left rates unchanged, while the Bank of Korea cut interest rates 0.25% in an unexpected adjustment.
  • The ECB debates ELA assistance for the Greek banks again. Meanwhile the Greek Prime Minister has called for EUR160bn in wartime compensation from Germany (the German response was somewhat terse). Inflation figures come from France, Spain and Germany - the German numbers have surprised to the upside.