Key highlights of the week ended May 29

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Eurozone
After announcing an acceleration of money printing to boost bond buying before liquidity dries up during Europe's summer vacation period in July and August, the ECB slowed its weekly pace of purchases. The central bank bought 11.819 billion euros worth of assets in the week ended May 22, marking the smallest increase in three weeks. Under the quantitative easing programme which began in early March, the ECB aims to purchase 60 billion euros a month of bonds, asset-backed securities and covered bonds. The scheme is intended to last till September 2016, or beyond to ensure a sustained adjustment in the inflation path back towards the ECB's 2% target.

Japan
Bank of Japan Governor Haruhiko Kuroda said the Japanese economy is now overcoming deflation, offering a more upbeat outlook for the nation's economy. Thus, the BoJ saw no need of further easing measures to achieve its 2% inflation target. Yet, Kuroda highlighted that the BOJ stood ready to expand stimulus again if the nation's economy falters and threatens to disrupt the broad uptrend in inflation. Consumer prices are likely to start rising again once the impact from a sharp fall in oil prices starts to fade, Kuroda said.

US
Vice Chairman of the Fed Stanley Fischer noted during his speech in Israel that there is too much importance placed on the first hike of federal fund rate and the process of returning back to the pre-crisis level will take some time. Since the markets expect raising the rate in September, Fischer said it will be driven by data and not by date. Fischer said that the US central bank might push back the timing of the interest rate hike if slower-than-expected foreign growth affects the US economy. The Fed's Vice Chairman predicts the interest rate will range between 3.25% and 4% by 2017-2018. He also highlighted that the Fed cannot act as the world's central bank, and must first and foremost seek US domestic goals of maximum employment and stable prices.

UK
The UK economic output rose in line with expectation in the first three months of 2015, marking the lowest growth rate since the fourth quarter of 2012. The British GDP expanded 0.3%, whereas economists had hoped that the ONS would revise its growth estimate to 0.4%, when announcing its second reading of data. The BoE expects the final revision to show the nation's economy expanded 0.5% during the March quarter and believes growth will accelerate during the three months through June. Economic growth stalled due to the service sector performing worse than previously thought, as well as a widening trade deficit. Manufacturing and construction, which were slightly revised upward, failed to offset a gloomier performance of the services sector, Britain's key growth engine, which accounts for almost 80% of the economy. Trade was also a strong downside contributor to growth, as imports, particularly of oil and machinery, increased at a faster rate than exports. The data also confirmed the economy grew 2.4% over the year to the first quarter, also missing expectations of an upward revision to 2.5%. The ONS also said that UK GDP grew by 2.8% in 2014, compared with 2013.

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Tue, 02 Jun 2015 07:06:04 GMT

German inflation accelerates, EZ manufacturing-mixed

Spanish and Italian factories led a pick-up in the Euro zone manufacturing activity in May, while German consumer inflation climbed at the fastest pace in eight months as the European Central Bank's new stimulus programme yielded early results.

Mon, 01 Jun 2015 09:34:04 GMT

New Zealand business confidence plummets in May

New Zealand business confidence plunged this month, with the annual Budget release being the major reason behind the worsening mood.

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