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Around The Globe 04.13.2013

Retail Sales Fall as Gas Prices Slide -

UM Consumer Confidence

The fall in retail sales should not be surprising. Workers just endured a tax increase and are cutting back in response. Economists like to say that the consumer is being more cautious because of a lack of confidence, but this is not the way a household works. If that was the case, savings would rise as sales fell. People just have less money to spend. There is no need to over think this. The drop in consumer confidence highlighted in the chart above confirms this.

U.S. Presses Japan to Refrain From Competitive Yen Devaluation - Bloomberg

United States puts Japan on notice in currency report | Reuters.

YENUSD Exchange Rate to 04.12.13

Commentators are giving this statement much more significance than it deserves. The reason the U.S. put Japan on notice is because it had to do something. American unions believe that the cheaper yen will destroy jobs in the U.S., while the South Koreans are certainly in Obama's ear about the yen's depreciation. None of this will change the BoJ's policies or permanently halt the fall of the yen.

Moreover, the move in the yen has a lot to do with the economic fundamentals as we addressed months ago: Yen Weakens in Line with Fundamentals | DARECONOMICS.

Troika concludes Greek bailout review, next aid tranche soon: source | Reuters.

Just because Greece's review has been completed does not mean that the crisis-stricken country will receive the next bailout payment. If you read the article, the eurocrat in charge actually said that conditions still needed to be met. The next payment is €2.8bn in cash to support the government with the balance being bonds necessary to recapitalize the banks. Note that the bank restructuring was supposed to happen in December, the last time that we endured this nonsense. As a reminder to everyone, the Greek economy is still contracting with no end in sight:

Greek GDP Contraction