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U.S. industrial production (IP) rose 0.2% in June, just below market expectations for a 0.3% increase. The monthly increase follows declines of 0.1% in both April and May (previously reported as a flat reading and 0.1% gain, respectively). With the modest increase in IP, the capacity utilization rate held steadyhttp://feeds.actionforex.com/~r/ActionForexall/~3/oUI9m1Qg3kk/
Consumer prices fell 0.2% in June, exceeding the 0.1% decline expected by the market. The monthly decrease in June is the first since June of 2010. The year-over-year rate of increase held steady at 3.6%, the fastest annual pace of increase since October 2008 when headline CPI posted a 3.7%http://feeds.actionforex.com/~r/ActionForexall/~3/ymOfi5kfvm0/
The May manufacturing sales report indicated more weakness than anticipated dropping 0.8% as it compared to a lesser 0.2% decline expected. It, however, represented an improvement from the 1.3% drop in April. Prices seemed to play a limited role in the overall decline with the volume of manufacturing sales alsohttp://feeds.actionforex.com/~r/ActionForexall/~3/NMZMVt4Sy2w/
The greenback has little changed after the release of much weaker-than-expected June U.S. Empire State manufacturing index as traders await European bank stress test results. The Empire State manufacturing index showed a negative figure for two consecutive months, a general sign of recession, this month’s number also made the 3-monthhttp://feeds.actionforex.com/~r/ActionForexall/~3/OdF3ZE9Fa84/
The Eurozone crisis plumbed new depths this week with Eurozone finance ministers suggesting the need for Greece to default on some of its obligations. Contagion washed across the currency area with Spain and Italy high profile casualties, with the latter prevaricating in passing a €40bn austerity deal. The publication ofhttp://feeds.actionforex.com/~r/ActionForexall/~3/latqWlozGwY/