SHANGHAI, Jun 15 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected in the day ahead.

The US dollar increased on Friday as traders searched for safe haven amid fears of re-acceleration in coronavirus cases.

The dollar index, which measures the greenback against six major peers, gained 0.15% on the week after hitting its highest level since June 4 at 97.45. This marked the first weekly increase over the past month.

LME and SHFE base metals closed Friday higher for the most part, recovering losses from the previous session. LME lead led the gains and climbed 0.86%. LME copper grew 0.46%, tin expanded 0.5%, nickel advanced 0.71%, while aluminum shed 1.13% and zinc lost 0.18%.

SHFE copper rose 0.75%, aluminium went up 0.41%, nickel increased 0.34%, lead edged up 0.18%, tin added 0.51%, while zinc slipped 0.18%. Stainless steel gained 0.39% and rebar expanded 0.86%. 

On the data front, the price index for US imports climbed 1% in May to mark the first increase since January, on the back of a rebound in oil prices and signaling that a bout of deflation after the pandemic may be coming to an end.

Excluding energy, import prices rose a much smaller 0.1%, the government said.

Import prices from China were unchanged in May following a 0.1% advance in April. The price index for imports from China fell 1% year on year in May, the smallest 12-month drop since the index dipped 1% for the year ended March 2019.

The preliminary reading of the University of Michigan's consumer confidence index rose to 78.9 in June from 72.3 in May, marking the second straight increase. The gradual reopening of the economy and the increase in the number of people returning to work buoyed the spirits of US households in early June.

“Despite the expected economic gains, few consumers anticipate the reestablishment of favourable economic conditions anytime soon,” said Richard Curtin, the chief economist of the sentiment survey.

Baker Hughes on Friday reported that the number of active US rigs drilling for oil edged down by seven to 199 last week. The number of oil rigs has seen much larger weekly declines in recent weeks, but have been falling on a weekly basis since mid-March. 

The total active US rig count, meanwhile, also fell by five to 279, according to Baker Hughes.

This week, investors are bracing for a number of key events, including discussions on the European Union recovery fund, Brexit negotiations, Bank of England and Swedish National Bank meetings, as well as Federal Reserve chair Jerome Powell's semi-annual testimony to the Senate banking committee.

Key economic data slated for release today include China’s retail sales of consumer goods for May, its industrial added value for May, investment in fixed assets in the urban area in the January-May period and the eurozone trade balance for April.