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Philippine Export Growth Weakens Sharply In April



Philippines merchandise export growth weakened considerably in April, defying expectations for a strong increase , preliminary figures from the Philippine Statistical Authority showed Tuesday.
Total exports of the country advanced 0.8 percent year-on-year in April, after a 12.4 percent climb in the previous month, well below economists' forecast for 10.0 percent of growth.
Shipments of electronic products dropped 2.5 percent annually in April. A year ago, exports of this category of goods had risen 12.2 percent. Exports of other manufactured products also declined by 12.2 percent. Meanwhile, exports of processed food and beverages jumped 110.1 percent in April and that of other mineral products by 30.9 percent.
In the first four month period, total merchandise exports expanded 5.4 percent to $ 18.859 billion from $17.894 billion in the same period last year.

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Yen Advances Against Majors



The Japanese yen strengthened against its major counterparts in Asia on Wednesday. The yen bounced back to 102.29 against the greenback, from an early low of 102.38. The yen climbed to 138.33 against the euro, its strongest since May 30, and a 9-day high of 113.56 against the franc. The yen hit 171.23 against the pound, its strongest since June 2. The next possible upside target level for the yen is seen around 101.5 against the greenback, 170.5 against the pound, 113.00 against the franc and 137.4 against the euro.


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Australia Unemployment Rate Stable In May



The unemployment rate Australia remained stable for the third consecutive month in May, a report from the Australian Bureau Of Statistics showed Thursday.
The unemployment rate came in at 5.8 percent in May, the same rate as in April and March. Compared to a year ago, the unemployment rate rose 0.3 percentage points in May.
The number of unemployed people rose by 3,200 over the month to 717,100 in May. Out of the total, the number of unemployed looking for full-time work rose 9,000 to 529,700 and for part-time it decreased 5,900 to 187,400.
The number of employed people fell 4,800 over the month to 11,564,600. The number of full-time employees rose 22,200 while number of part-time employees fell 27,000 in May.
However, the participation rate fell to 64.6 in May from 64.7 in April.

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Yuan Strengthens To 2-month High Against U.S. Dollar



The Yuan strengthened against the U.S. dollar in the Asian session on Friday. Against the greenback, the yuan rose to a 2-month high of 6.2066. At yesterday's close, the yuan was trading at 6.2180. If the yuan extends its gain, it is likely to find resistance around the 6.19 area. The People Bank of China set today's central parity rate for yuan at 6.1503 per dollar, compared to Thursday's reference rate of 6.1516. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level. Traders focus on China's industrial production, retail sales and fixed asset investment data for May due shortly.

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New Zealand Growth To Accelerate In FY 2015 - NZ Institute For Economic Research



The consensus forecast for New Zealand is optimistic for 2015, data from the New Zealand Institute of Economic Research showed Monday. According to consensus forecasts, economic growth is expected to accelerate to 3.8 percent in the year ending March 2015 from 3.1 percent in the previous year. Broad based growth across household spending, investment and exports is forecast. Economic growth is likely to moderate to 2.8 percent and 2.1 percent in 2016 and 2017, respectively. Residential construction surge is estimated to continue for the upcoming five years and exports are expected to rebound after remaining almost flat in the past year. An improvement in the labour market is forecast, with the unemployment rate likely to fall to an average of 5 percent from the historically high levels of 5.9 percent. Wages are expected to increase, growing 3.1 percent on an average over the upcoming 3 years, and supporting household spending. Consumer price inflation is expected to flatten over the next two years.


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Yen Declines Against Majors



The Japanese yen lost ground against its key counterparts in Asian deals on Tuesday. The yen fell to 4-day lows of 138.45 against the euro, 113.64 against the franc and 94.02 against the loonie. The yen dropped to 173.13 against the pound and 102.06 against the greenback, compared to yesterday's closing values of 172.88 and 101.82, respectively. If the yen declines further, it may find support around 102.5 against the greenback, 114.00 against the franc, 174.00 against the pound, 139.5 against the euro and 94.7 against the loonie.

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China House Prices Growth Continues To Slow



House prices in China rose at a slower rate in May, figures from Reuters based on a National Bureau of Statistics report showed on Wednesday.
New house prices in the major cities of China increased 5.6 percent year-over-year in May compared with a 6.7 percent rise in April. The growth in house prices has been slow since late 2013 due to the effect of a sustained campaign to keep a check on speculative investment and easy credit, the bureau said.
The slower rate of growth in the housing market, accounting for 20 percent of China's GDP, dragged the first quarter GDP to 7.4 percent year-over-year.

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Canadian Dollar Strengthens To Nearly 3-week High Against U.S. Dollar





The Canadian dollar strengthened against the U.S. dollar in the Asian session on Thursday. Against the greenback, the loonie advanced to nearly a 3-week high of 1.0825. The loonie may test resistance near the 1.07 zone.

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Japan Manufacturing PMI Rises To 51.1 In May - Markit




An index monitoring the manufacturing sector in Japan came in with a score of 51.1 in May, the latest survey from Markit Economics revealed on Monday - up from 49.9 in April.
That pushes the index into expansionary territory, as a score above 50 signals growth in a sector while a reading below means contraction.
Among the individual components of the survey, the output index rose for the first time in three months to 51.8 - signaling expansion.

New orders also moved into growth, while input prices, stocks of purchases, stocks of finished goods and quantity of purchases continued to expand.

New export orders, employment, backlogs of work and output prices slowed, and supplier delivery times were unchanged.


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China Leading Index Slows To 0.7% In May - Conference Board



A leading economic index for China continued to expand in May, albeit at a slower pace, the latest survey from the Conference Board revealed on Tuesday.
The group's leading economic index was up 0.7 percent last month to a score of 290.2. That follows 1.0 percent increases in both April and March.
The coincident index was also up 0.7 percent in May, the data showed, with a score of 259.7. That was unchanged from the previous month and down from 1.5 percent in March.
"While the Leading Economic Index for China increased in May, its rate of increase has slowed considerably in recent months. The LEI, and its underlying components, suggest continued weaknesses in China's real economy in the coming months," said Jing Sima, Economist at The Conference Board.
"April's sharp improvement in the real estate sector was short-lived and consumers remain in a pessimistic mood. Moreover, the Coincident Economic Index indicates the rate of current economic activity is substantially lower than last year."

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