U.S. wholesale inventory May data revised higher

U.S. wholesale inventory data was upwardly revised a bit in May. The data was upwardly revised to 0.4 percent sequentially from the initial estimate of 0.3 percent. The outturn was slightly above the consensus expectations of 0.3 percent.

Durable goods inventories, which rose 0.6 percent, mainly drove the rise in the headline print, while inventories of nondurable goods remained flat on the month. Inventories of autos, computers and machinery were especially strong in May, reversing the drops of the prior month. Upward revisions to durable goods inventories more than counter the slight downward revision to inventories of nondurable goods, noted Barclays.

“As a result, our Q2 GDP tracker increased by one-tenth to 2.5 percent q/q saar”, added Barclays.

At 20:00 GMT the FxWirePro's Hourly Strength Index US Dollar was neutral at 53.1937. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest