It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
China industrial revenues leap 19.1% year on year
In June, earnings for China's industrial companies ascended 19.1% percent from a year earlier, soaring from May in a sign that economic momentum is still solid even as soaring borrowing costs have driven worries regarding pressure on margins.
In June, revenues grew to 727.78 billion Yuan, as the National Bureau of Statistics informed on Thursday on its website.
For the first half of 2017, the industrial companies notched up gains of 3.63 trillion Yuan, which is a 22% leap from the same period of the previous year and a bit slower from the 22.7% annual surge in the January-May period.
June’s robust surge of industrial earnings was partly driven by ongoing appetite for iron ore as well as other commodities, whose prices have revived modestly having taken a hit since March.
As statistics bureau official He Ping informed in a statement accompanying the report that accelerated revenue surge in steel, car and electronics sectors helped to spur overall earnings.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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