Forex Analysis
Another big first week of the month, ECB, BoE and RBA meet…
The old adage “sell in May” turned out to be a bad guide to market performance this year. Last week, the S&P 500 closed the month under pressure,
ECB preview: long words, short action
• After a pretty hectic ECB meeting a month ago, we expect a somewhat more calm sentiment around this week’s event, but rates may still fall.
CFTC: JPY short at 2007 high – dollar long rise for a fourth week
Hedge Funds continued to accumulate dollars during the week ending May 28 according to the latest data from the Commodity Futures Trading Commission.
PMI data in focus, still risk of a further correction lower in NOK/SEK
In this note we take a closer look at the key events in the three Nordic countries over the coming week. For our global macro movers and financial forecasts.
FX Daily
Market movers today • May PMIs are the key data releases today. • Consensus expectation is for an unchanged US ISM manufacturing at 50.7 but we see potential for a slight improvement.
China: conflicting messages from manufacturing PMIs
• The NBS manufacturing PMI improved slightly in May and so paints a more resilient picture of the Chinese economy than the HSBC manufacturing PMI which showed a marked decline in May in
USD/JPY Analysis
The pair closed in NY Friday at Y100.48, marked up to Y100.58 into Asia as risk was given a boost by Saturday’s release of stronger than forecast China PMI data.
GBP/USD Analysis
The pair closed in NY Friday at $1.5198 after recovering from a session low of $1.5140, with much expected end month euro-sterling demand failing to materialise with
EUR/USD Analysis
The pair closed in NY Friday at $1.2999 with early trade into Asia contained within a range of $1.2983/1.2398 before post Tokyo fix demand for
Weekly Economic & Financial Commentary
U.S. Review Softer Consumer Spending to Start Q2 • The second look at Q1 GDP growth showed little change from the first release.
Does Faster Growth in Canada Mean Rate Hikes?
The Canadian economy expanded at a 2.5 percent annualized rate in the first quarter. The outturn was better than consensus expectations and
USDJPY attempts late rally – next week key for all majors
A very strong Chicago PMI and upward revision to May University of Michigan Confidence have USDJPY avoiding a collapse through support once again