PBoC devalues the CNY by 1.9%

Aug 11, 2015 23:32 pm UTC| Commentary

The PBoC has lifted the daily USD/CNY exchange rate fixing to 6.2298 - an 1.86% devaluation compared to the fixing of 6.1162 on 10 August. The move was in response to the very weak exports in July and the broad-based...

PBOC enters a new currency regime

Aug 11, 2015 22:44 pm UTC| Commentary Central Banks

The PBOC entered a new currency regime last night, effectively switching from a currency peg to a managed float. The move was probably motivated by two factors: (1) the delay of the SDR decision by nine months served as an...

Brazil: Moody's rating downgrade provided with some breathing space

Aug 11, 2015 21:59 pm UTC| Commentary

Moodys downgraded Brazils sovereign rating to Baa3, from Baa2, and changed the outlook to stable. The downgrade was broadly expected to take place this month, almost a year after the change in outlook last September and...

US nominal consumer spending likely reaccelerated last month

Aug 11, 2015 21:46 pm UTC| Commentary

US nominal PCE probably gathered considerable steam during the reference period, rising by 0.6% following a modest 0.2% uptick in June. Stepped-up spending on goods and services are expected to contribute almost equally to...

Canadian new home construction slows slightly in July

Aug 11, 2015 21:33 pm UTC| Commentary

Housing starts were down slightly in July, at approximately 193K units (annualized) in July, following 202K units in June. On a trend (6 month moving average) basis, starts were up for a third straight month, reaching...

US retail purchases expected to bounce back sharply in July

Aug 11, 2015 21:21 pm UTC| Commentary

Consumers probably opened their wallets with gusto in July. Retail and food services sales jumped by 1.0% last month, erasing the surprisingly weak -0.3% print recorded in June. The projected pickup in activity is expected...

Indonesia: Weak currency and weaker commodity prices, major headwinds

Aug 11, 2015 21:04 pm UTC| Commentary

The IDR crossed the 13,500 mark vs the USD in August 2015, flirting with its 17-year low when the Asian crisis was upon us. While oil prices remaining weak implies lower revenue from the oil and gas sector, domestic retail...