US dollar surges ahead of likely June rates hike — NBK report

National Bank of Kuwait (NBK)
National Bank of Kuwait (NBK)

KUWAIT, May 22 (KUNA) — The US Dollar surged throughout this past week ahead of a potential rate hike likely expected in June, an economic report issued by the National Bank of Kuwait (NBK) said on Sunday.
In addition, the federal committee of the open market hinted that an increase in interest rates is likely this year, as the economy continues to grow, the report noted. It also added that economic growth is expected to continue as the job market continues to expand.
Moreover, the US Consumer Price Index has seen the most significant boost in prices since the year 2013, a report from the US Department of Labor showed. The report also added that the job market achieved continued growth over the course of the last two years.
Meanwhile, the Euro had one of its worst performances this past week, as it was eclipsed by the surge in the US Dollar. The Consumer Price Index had fallen to 0.2% in April 2016, a Eurozone statistical report showed, while a meeting of the European Central Bank (ECB) produced dismal expectations on a potential resurgence of the Euro.
In terms of economic growth in the UK, a labor data report showed an increase in average earnings and a drop in unemployment benefits. The report also showed that the average earnings index rose by 2% in March, exceeding the expectations of many economists.
In retail sales, the rebound in the UK during the month of April was quite profound, after a two month sharp decline. The report showed sales of most items surged, but clothing sales fell by 6.3% due to frigid weather in April, which had a detrimental effect on sales of summer clothes. Household spending continued to grow in the UK, as inflation is expected to be kept in check. (end) mfs.nam

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