Forex Analysis
CFTC: AUD short reaching record; EUR short almost removed
Hedge funds cut their long dollar exposure through IMM currency futures by almost one-third during the week ending June 11.
The Global Macro Pulse
Overnight Price Action The Nikkei shrugged off Friday’s fall on Wall Street to rally 1.5% in Asian trading. S&P futures are up 0.4%, but trading in the rest of Asia is mixed.
FOMC meeting is the highlight for the week. UK and European dataflow is limited today…
This week starts on a quiet note, with little in the way of data due over today’s European and US sessions (see table).
FX Daily
Market movers today • Interesting week, with FOMC meeting Wednesday and Flash PMI in China and the euro area on Thursday.
USD/JPY Analysis
The pair lifted to extended highs of Y95.32 following release of stronger than expected US PPI data. Sentiment soon turned on market talk of a large sell order into the London fix,
GBP/USD Analysis
The pair closed in NY Friday near session highs of $1.5714. The rate pressed to $1.5628 after release of stronger than expected US PPI data and
EUR/USD Analysis
The pair closed in NY Friday at $1.3345. The rate earlier pressed to extended lows of $1.3294 following release of stronger than expected US PPI data which showed its first rise in 3 months.
Norges Bank monetary policy meeting in focus
The main event in the Nordic area next week will be the monetary policy meeting at Norges Bank and the rate announcement on Thursday morning at 10:00 CET.
A Solid Q1…and Q2
• We expect Q1 GDP grew 0.6%, despite drought • Market anticipates 0.5% as does the RBNZ
Weekly Commentary
On the face of it, last week’s Monetary Policy Statement seemed to be a straightforward affair, with the RBNZ maintaining its stance on interest rates and
FX Comment: taper…or holiday?
Let’s start from the core. Bernanke almost has no choice here but to act dove on June 19th FOMC meeting – or else,
Weekly Economic & Financial Commentary
Growth on Track Despite Mixed Data • The May retail sales report came in better than expected, with sales rising 0.6 percent. Core retail sales were somewhat softer at 0.3 percent,