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In June, American import prices came up with their most impressive tumble for more than two years. It’s due to the fact that prices for petroleum products headed south, while a strengthening greenback suppressed the costs of other products.
On Friday, the Labor Department uncovered that import prices inched down by 0.4% in June, which appears to be the largest slump since February 2016. May’s data was updated to reveal import prices soaring 0.9% instead of jumping 0.6% as posted earlier.
Market experts surveyed by Reuters had predicted import prices ascending 0.1% in June. For the twelve months through June, import prices rallied by 4.3% having gained 4.5% in May.
In June, prices for imported petroleum edged down by 0.8% having speeded up 7.4% in May. Without petroleum, in June import prices inched down by 0.3% having jumped 0.1% in May. Import prices without petroleum grew 1.4% for the twelve months through June.
Apparently, the slump in import prices without petroleum definitely shows the greenback’s strength.
The evergreen buck managed to ascend 1.6% versus its key rivals in June. So far this year the evergreen buck has soared 3.8% on trade-weighted basis that could potentially help to compensate some of the push to import prices from duties on steel, lumber, and aluminum.
As for import prices for nonfuel industrial supplies as well as materials, they tacked on by 0.3% in June in the face of higher prices for paper and metal, having soared 0.8% in May.
For a second straight month the cost of imported capital products dived 0.1%.
The goods imported from China didn’t change in their value in June having soared 0.1% in May.
Imported food prices headed south 2.6% in June, which is the biggest dip since February 2012, having soared 0.4% in May.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The US will reveal Non-farm payrolls today at 15:30 GMT+3. Here are the forecasts of 8 major banks regarding the upcoming NFP report. The common forecast (market consensus) is 500K. What’s yours?
The United States will release the weekly Unemployment Claims on Thursday, at 15:30 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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