BRC Shop Prices
The BRC Shop Price Index in the UK grew in January at a 1.4% pace over the prior year, slower than the prior month which grew at 1.7%a clip year over yer.
Japan’s Trade Balance
Japan’s Trade Balance in December again came in as deficit, while the Adjusted Current Account Total grew. The Yen weakened following the release moving back toward the 77 handle.
- Trade Balance – Survey:-135B Actual:-145B Prior:-585B
- Current Acct Total – Survey:340B Actual:303B Prior:138B
- Adj. Current Acct Total – Survey:625B Actual:752B Prior:480B
RBA Unexpectedly Keeps Rates Unchanged @ 4.25%
The RBA did not move 25 basis points lower as expected instead kept rates unchanged, moving the Aussie higher against all its counterparts, moving ~8 pips higher against the USD initially. The RBA added the following comments suggesting there was room to move on rates if demand weakened:
- Financial Market sentiment remains skittish, has improved.
- Term funding markets have reopened.
- Economic growth close to trend.
- Labor markets softened during 2011.
- CPI inflation has declined as expected.
- Year end CPI to fall further in next quarters.
- Underlying inflation is about 2.5%.
- Credit growth remains modest.
- House signs show some sign of stabilizing at end of 2011.
- Terms of trade have started to decline.
Shirakawa Says Japan’s Economy in Severe Situation
BRC Sales
BRC same store sales declined by less than expected at -0.3% in January versus the estimate of -0.8%. Cable had a muted reaction to the release.
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