Weekly Fundamentals - Soft Data Raised Growth Concerns
BonTradeCommodities experienced a volatile week as driven by soft macroeconomic data, uncertainties in Greece's funding and the G-8 meeting. In the US, the biggest disappointment came from 1Q11 GDP which was unrevised at +1.8% q/q in 1Q11 as personal consumption grew slower than expected. Headline durable goods orders plunged -3.6% m/m in April while the reading excluded transportations dropped -1.5%. The decline should be temporary as it was mainly driven by supply disruptions after the earthquake and tsunami in Japan. PMI readings in both Europe and China gave the market downside surprises.
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Weekly Fundamentals - Soft Data Raised Growth Concerns
