Major overnight headlines:
• French consumer confidence falls to 79.0 in May from 83.0 (vs. 85.0 expected), now even with post-Lehman levels
• ECB’s Noyer: France must “push ahead” with labour market reforms, Reuters reports
• ECB’s Noyer: French welfare deficit is “unsustainable” as it stands, Reuters reports
• German import price index down 1.5% m/m in April versus a fall of 0.4% expected
• ECB’s Praet says structural reforms “must accompany” monetary easing, Nikkei reports
• Japan’s Hamada says 2.0% inflation target is an “auxiliary goal”, Bloomberg reports
• Buba’s Lautenschlaeger says EU resolution body would “require treaty change”, Bloomberg reports
• Swedish PPI falls 1.1% m/m in April versus a fall of 0.2% expected
• Swedish trade balance at 8.8 bln in April versus 6.0 bln expected, nominal imports down 8.0% y/y, exports down 2.0%
• Norwegian consumer confidence falls to 22.8 in Q2 versus 27.1 previously
• ECB’s Asmussens says ECB will keep policy accommodative for as long as necessary, Reuters report
• Swiss trade surplus narrows to 1.73B in April from 1.89B previously led by a 7.6% m/m in the volume of exports
Click here to read the full report: FX Daily
BMO