US Slows

US Slows

US Retail Sales for May were weaker than expected, reinforcing the impression that momentum in the US economy has slowed since the start of the year. The evidence that the US economy is slowing may nudge Federal Reserve policymakers into action as they consider steps to provide additional monetary stimulus at next week’s FOMC meeting on June 19-20. Further stimulous is likely to weaken the dollar although as it also benefit from safe haven flows this affect may not be very visible.

In Europe, Prime Minister Monti urged his Italian parliament to back his tough economic medicine to avoid the country becoming the next victim of the euro debt crisis. Meanwhile Moody’s downgraded Spain’s sovereign debt rating by three notches on concerns over the level of government debt that will result from the rescue plan agreed at the weekend.

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