Key highlights of the week ended July 31

Note: This section contains information in English only.
Source: Dukascopy Bank SA
US
US economic growth accelerated in the April-June quarter as an increase in consumer spending offset the drag from weak business spending on equipment. The US GDP rose a 2.3% annual rate, while the first-quarter economic output was revised to show a growth of 0.6%, up from a negative 0.2%. The Fed remains on track to hike interest rates later this year, with odds rising that the decision will come as soon as its next monetary policy meeting in September, as the US economy continues to perform in line with expectations. The decision to keep rates near at all-time low for at least a few more weeks was unanimous, supported by all ten voting members of the FOMC. Nevertheless, a number of those policy makers have said in recent months that they do not think the Fed should wait much longer.

UK
British economic growth accelerated in the second quarter, fuelling speculation about the first rate hike in interest rates since the financial crisis. The UK economy grew by 0.7% in the April-June period, compared with the 0.4% expansion in the beginning of the year. Measured on an annual basis, economic output rose by 2.6% in the second quarter. The economy's pickup was driven by the services sector, which disappointed in the first quarter, but now looks set to benefit from low inflation and higher earnings. The industrial sector also enjoyed a solid recovery, as the extraction industry in the North Sea recovered after months of low oil prices. Mining and quarrying activity rose at the fastest pace in more than 25 years, supported by tax cuts for oil and gas producers introduced in March. The BoE's Monetary Policy Committee will share its view on rates on 6 August, with expectations increasing that there could be a split among its nine board members.

Eurozone
Business confidence in Germany, the Euro zone's biggest economy, improved more than predicted in July as concerns over Greece have subsided, suggesting a solid growth in the German economy this year. The GfK business climate index climbed to 108.0 this month, up from a revised 107.5 in June and compared with economists' median forecast of 107.5. At the same time, even though German consumers remained optimistic, they voiced concerns about the country's economic situation due to uncertainty about Greece's financial stability. The GfK forward-looking consumer confidence index remained flat at 10.1 points for August from July. However, the poll of 2,000 consumers revealed a significant decline in economic expectations, which decreased by 6.5 points this month and have lost almost 20 points in two months.

Japan
Japan's household spending unexpectedly declined and inflation stalled last month, adding to signs the world's third biggest economy may have contracted in the second quarter and questioning the Bank of Japan's view that the growth will recover robustly in the current quarter. Annual core consumer inflation, which includes oil products but excludes volatile fresh food prices, climbed 0.1% in June, slightly beating market expectations of a flat reading. However, core consumer prices in Tokyo, a leading indicator of nationwide inflation, slid 0.1% this month, marking the first annual drop since April 2013.

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Mon, 03 Aug 2015 06:05:07 GMT

Euro zone core inflation rises 1.0%, while unemployment rate remains at 11.1%

Consumer inflation in the Euro zone barely climbed from the previous year in July, while the number of unemployed rose in June, adding to signs that the ECB's QE programme has yet to deliver the desired results.

Fri, 31 Jul 2015 05:45:20 GMT

New Zealand business confidence declines to 6-year low in July

Morale among New Zealand businesses unexpectedly dropped to the lowest level in six years in July, with agriculture being the most downbeat sector.

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