Yes, it’s down again

Yes, the US$ is down again, 9 days in a row specifically vs the euro after Euro zone CPI for April rose 2.8% y/o/y vs the forecast of 2.7% and up from 2.6% in March. It’s the most since Oct ’08 and there is no core rate given as inflation is inflation no matter how it comes in Europe (and most elsewhere). As evidence that high inflation is possible with a weak economy, CPI rose 3.5% in Spain. April Economic confidence in the Euro region did moderate to a 5 month low and was slightly less than expected. German retail sales in March unexpectedly fell. The Shanghai index broke a 5 day losing streak after the private sector weighted HSBC manufacturing PMI held steady at 51.8. Vietnam and Russia raised interest rates in their attempts to deal with rising inflation. Last night, AAA said the average gallon of gasoline went above $3.90 for the 1st time since summer of ’08 at $3.91, just .20 from matching the record high.

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