We saw very little happen in the rest of the world yesterday. Japan yesterday reported better-than-expected news on first quarter growth, which was revised to 6.7% up from 5.9%. However the outlook for the Yen looks darker than before, due to a government increase in national sales tax. Meanwhile, the Canadian dollar was relatively flat, despite unemployment figures last week, which unexpectedly rose to 7% from 6.9%. However, following on from the housing data which came out at 198,300 in May, the loonie may enter a volatile period soon.
Today there is little out on the data front today. The only significant piece of data is Chinese consumer price index, which was out overnight and was in line with expectations at 2.5% and below the target inflation rate of 3.5%. Other than that, the rest of the world will have to wait until later on in the week to see any major shift in the markets.
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