Forex Analysis
Morning FX Market Commentary
Currencies: Sterling gains on strong UK services PMI EUR/USD held close to the recent top in the 1.31 area as US eco data were not strong enough to change fortunes in favour of the dollar.
ECB press conference centre stage today…
Main event of the day today will inevitably be the ECB meeting and Mr. Draghi’s press conference. The ECB will today publish its new growth and inflation forecasts,
USD/JPY Analysis
The pair closed in NY Wednesday at Y99.06, just off session lows of Y98.965. Rate had traded with a heavy tone through Europe/NY trade Wednesday following on
FX Daily
Market movers today • The likelihood of a cut in either the refi rate or the deposit rate in connection with today’s ECB meeting is, in our view,
GBP/USD Analysis
The pair closed in NY Wednesday at its intraday highs of $1.5408 after sterling was given a general boost following release of stronger than forecast UK services PMI,
EUR/USD Analysis
The pair closed in NY Wednesday at $1.3094 after rate had recovered earlier in the day from $1.3053 to $1.3116,
April Balance of Trade: Third monthly surplus on the trot.
• April’s trade balance was a modest $28 million surplus after posting upwardly revised surpluses in February and March.
Key tensions to keep RBNZ on hold at June meeting
• RBNZ expected to leave OCR on hold at 2.5%, but continue to highlight key tensions between housing market and NZD.
Macro Weekly: Raising our 2014 forecasts
Big Picture: We have raised our 2014 GDP growth forecasts for the eurozone (from 1.0% to 1.3%) and for the US (from 3.0% to 3.2%).
EURJPY is one to watch post-ECB
ECB is more likely than ever to be gearing up for an attempt to bring more relief to European credit markets at tomorrow’s ECB meeting.
Mid-Day FX Market Analysis
USD: The Dollar was able to shake off overnight pressure and return to unchanged levels this morning,
Central European Daily
Czech and Hungarian retail sales surprised on upside NBP likely to cut rates by 25 bps The Czech currency was hit by worse than expected revised GDP data yesterday and weakened by 0.6%.