The Japanese industry produced less in May than was determined in a preliminary measurement. This was revealed today by figures from the Japanese Ministry of Trade and Industry. On a monthly basis production declined with 7.5 percent, compared to a decline of 1.3 percent in April. The first measurement indicated a decrease of 7.2 percent. Also, year-on-year, production in May fell more than previously expected, by 3.1 percent from 2.8 percent in the first report. In April, the decline was 4.8 percent.
After surpassing $5 a gallon for the first time in history, U.S. gasoline prices are finally decreasing, giving relief to consumers in the world’s largest user of the fuel. The average retail price for gasoline nationwide is still $4.631, versus $5.014 a month ago but still $1.485 higher than a year ago, according to the American Automobile Association. Prices are expected to keep falling at least the next few weeks. Global fuel demand has been falling because of the high prices and the strong U.S. dollar making oil more expensive elsewhere.
Singapore’s central bank tightened its monetary policy today, stating that the action would slow inflation. The Singapore dollar spiked after the news and was last up almost 0.7% to 1.3963 per dollar. Economists are expecting further tightening in October.
The 6M Euribor increased with 1 basis point to 0.38% compared to previous business day. The 10Y Swap decreased with 1 basis point to 1.96% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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