Forex Calendar
Daily FX Update
Markets are relatively quiet as global PMIs suggest ongoing expansion in both manufacturing and services with some evidence of deceleration.
Central European Daily
NBP’s Belka does not rule out deflation The Central European currencies slightly strengthened against the euro on Wednesday.
The Global Macro Pulse
Within the G10, AUDUSD has outperformed, opening weak, but rallying after the China PMI to 0.9266. USDJPY has pushed up to 101.65 and EURUSD is marginally lower at 1.3674.
UBS Morning Adviser
Core-headline inflation divergence apparent, but no policy response (yet) For many central banks targeting the elimination of spare capacity,
FI Eye-Opener: Something good
Government bond yields rose on Wednesday as the Fed minutes failed to turn the yields that crept higher. US 10-year yield rose to 2.54%. German counterparts rose slightly to 1.38%.
Daily FX Update
FX markets are quiet and mixed with GBP and JPY outperforming; while AUD and EUR are weak and CAD is flat. US markets are entering the day having improved, with equities higher and the U.S. 10‐year up at 2.53%.
Central European Daily
Polish industry surprised positively in April Construction activity continues to pick-up The Central European currencies barely moved against the euro yesterday.
The Global Macro Pulse
USDJPY broke lower to 101.15 even as EURUSD traded flat at 1.3702. AUDUSD edged lower to 0.9233. Most EM Asia currencies softened modestly against the dollar.
FI EYE-OPENER: Spreads widen more
The Bundesbank warns carry-chasers Spread widening continues for e.g. Italien govies The EURUSD FX is in a wait-and-see position This afternoon, minutes from FOMC and Yellen speaks Bank of Japan refrains from adding even more stimulus
UBS Morning Adviser
US Investors’ Overseas Interest Narrowing We have long held the view that US investors’ global allocation is a big marginal driver for the dollar.
FX Daily
Only tier-2 data on the global agenda today. UK retail sales are expected to havestrengthened again in April after soft spending in March.