Brazil: Moody's rating downgrade provided with some breathing space
Aug 11, 2015 21:59 pm UTC| Commentary
Moodys downgraded Brazils sovereign rating to Baa3, from Baa2, and changed the outlook to stable. The downgrade was broadly expected to take place this month, almost a year after the change in outlook last September and...
US nominal consumer spending likely reaccelerated last month
Aug 11, 2015 21:46 pm UTC| Commentary
US nominal PCE probably gathered considerable steam during the reference period, rising by 0.6% following a modest 0.2% uptick in June. Stepped-up spending on goods and services are expected to contribute almost equally to...
Canadian new home construction slows slightly in July
Aug 11, 2015 21:33 pm UTC| Commentary
Housing starts were down slightly in July, at approximately 193K units (annualized) in July, following 202K units in June. On a trend (6 month moving average) basis, starts were up for a third straight month, reaching...
US retail purchases expected to bounce back sharply in July
Aug 11, 2015 21:21 pm UTC| Commentary
Consumers probably opened their wallets with gusto in July. Retail and food services sales jumped by 1.0% last month, erasing the surprisingly weak -0.3% print recorded in June. The projected pickup in activity is expected...
Indonesia: Weak currency and weaker commodity prices, major headwinds
Aug 11, 2015 21:04 pm UTC| Commentary
The IDR crossed the 13,500 mark vs the USD in August 2015, flirting with its 17-year low when the Asian crisis was upon us. While oil prices remaining weak implies lower revenue from the oil and gas sector, domestic retail...
China’s renminbi will not threaten the dollar’s reserve currency status
Aug 11, 2015 20:38 pm UTC| Commentary
In a surprise move last night, the Peoples Bank of China (PBoC) announced a one-time 1.9% devaluation of the renminbi (RMB) - the biggest daily change since it moved a managed float a decade ago. The PBoCs move was...
China devalues yuan by the most in two decades
Aug 11, 2015 17:44 pm UTC| Commentary
Chinas central bank (PboC) lowered (devalued) the midpoint of its currency band by 1.9 percent in an aggressive step to seemingly bolster its economy and markets. Is this a sign that China is in a hard landing and does it...