Tag Archives: NOK
Norway Manufacturing PMI higher than expected at 52.0 in May
• PMI at 52.0 in May up from upwardly revised 49.2 in April • Improvement in all sub indices, except delivery time • PMI will not affet NB policy
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.
Weekly Focus: Fed exit moving closer
Market movers ahead • We expect the ISM manufacturing index and the employment report to show improvement in the US economy and the US labour market.
Norway: Clearly weaker labour market
• Unemployment increased by 1700 persons in May • Clear upward trend which argues for a lower rate path • Strong credit growth, but not that strong impact on rates
USD trading all over the shop on USDJPY flows.
There was a flurry of “developments” out of Japan today that saw a dramatic pivot in JPY crosses after USDJPY looked like it wanted to have a look at the 100 level.
Norway: Shoppers took a break after a very strong Q1
• April retail sales were weak with growth m/m at -0.6 % • Implies that Q2 started clearly weaker than Q1, but retail sales will pick up again
Markets correct on expected Fed policy changes
Last week saw a substantial correction in equity markets, particularly in Japan. Although according to several press comments,
FX Quant and Positioning Weekly
Speculators loading up on short EUR contracts Price based indicators • FX-O-meters: AUD/USD down and EUR/AUD up are the strongest trends but also the most stretched currency pairs.
No cut from Norges Bank after all
After unexpectedly low inflation in March, and a persistent downward trend in core inflation, price growth surprised on the upside in April,
New macro projections – no stop to QE3 2013
The global economy remains impacted by a clear divergence in growth rates. We see no reason to expect anything other than a very cautious Euro-zone recovery going forward,
FX G10/EM Morning Trader Views
EUR – Well eur finally came lower yesterday, playing catch-up to the broader usd strength theme.