G20 meeting failed to surprise anyone as participants talked about reducing debt in each of the respected nations. The G20 made a bold statement by announcing to cut their combined deficits by at least a half. By the end of 2016, G20 promised to reduce their debt-to-GDP ratios.
The Euro fell to the lowest level against the Swiss Franc as disappointing inflation figures in Germany put more pressure on the fiber. German CPI slipped to 0.9% in June showing more robust deceleration of a price growth.
Japanese consumers continue to have their wallets tight. Retail Sales in May showed a timid growth of 2.8% compared to 4.8% anticipated. A gradual change of economy into consumer oriented compared to export dominated may have to wait a long time before the transformation.
Business Confidence in New Zealand slipped to 40.2 from 48.2 in June suggesting that a raise in the interest rates may body negative for the economy for a near term future.
In the United States spending rose at a pace of 0.2% in May which is a positive sign amidst revision of the Gross Domestic Product on Friday. Personal Income relatively stayed flat printing at 0.4% compared to expectations of 0.5%.
Personal Consumption Expenditure, a key gauge for inflation for the Federal Reserve, trickled upwards to 1.9% suggesting there are some price pressures. Nonetheless, the Federal Reserve is likely to main the interest rate at bay for a prolonged time as inflation is exactly within the comfort zone.
For the remainder of the day will be guided to positioning of traders who are anticipating a sway of relevant economic news.
Disclosure: No Positions