Recap 6-12-12

Main Items:

  • US Import Price Index declined to -0.3% YoY in May vs -0.6% exp and +0.5% prev
  • Merrill’s fund manager survey shows cash at 5.3%, the third highest balance on record after March 2003 and December 2008.
  • Joseph Yam, the former Hong Kong monetary chief who helped implement the FX peg into place in 1983 said the city needs to review its current FX policy.
  • The IMF said the yen is overvalued and the central bank should counter with further monetary stimulus. “The exchange rate has appreciated over the past year partly because of safe-haven capital inflows, and our analysis suggests that the yen is moderately overvalued from a medium-term perspective.”


  • UK RICS House Price Balance improved to -16 inmay vs -17 exp and -19 prev
  • Australia Business Confidence declined to -2 in May vs 4 prev

Upcoming Data:

  • Wed: US PPI, Retail Sales
  • Thurs: SNB, EU Core CPI, Labor Costs, US CPI, Jobless Claims
  • Fri: BoJ, US Empire Mfg, U Michigan Confidence
  • Sun: Greek Elections
  • Mon: NAHB Housing Market Index
  • Tues: UK CPI, German Zew, Japan Trade Balance