The British pound has gained ground in the last few weeks against its major competitors, becoming one of the G10 best performing currencies. Read more here
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British Pound On The Rebound But For How Long?
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Higher PPI fails to rattle stocks: What’s the next move?
Stocks went sideways again yesterday, with the S&P 500 index dropping 0.02% from its Friday closing price.
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Morgan Stanley says the Federal Reserve will cut, not ‘if but when’
Morgan Stanley, in a note on Monday, says its confidence that inflation will fall this year.
The CPI for April is due on Wednesday:
And PPI before that on Tuesday:
But, says MS on the CPI:
- “While Wednesday’s report will be critical for the timing of the first cut, regardless of the print, we remain confident that inflation will trend lower over the year, making the question when, not if, the Fed will cut
MS add that the timing of the first cut is still an open question but the the path for the year is unlikely to change too much.
- “Weaker monthly prints ahead with faster disinflation starting in 2H24 should provide the Fed the confidence it needs that inflation is on a sustained path toward target”
- “We remain bullish the Fed will cut three times this year — but starting in September rather than July — with two more cuts in November and December”
This article was written by Eamonn Sheridan at www.forexlive.com.
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EUR/USD finds thin gains on Monday, but technicals weigh heavy ahead of US inflation updates
EUR/USD found slim upside on Monday, climbing from early bids near 1.0770 but bullish momentum remains limited with the pair struggling to break above the 1.0800 level.
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New Zealand Electronic Card Retail Sales decline -0.4% in April
New Zealand’s Electronic Retail Sales contracted in April, falling -0.4%.
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Can’t wait for the US CPI data Tuesday will bring PPI data (and a surprise from the Fed)
There is intense focus on the US CPI data due Wednesday:
Prior to that, though, we get PPI data and comments from Federal Reserve Chair Powell on Tuesday:
- Coming up at 1000 US Eastern time (which is 1400 GMT) Powell participates in a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at annual general meeting of the Foreign Bankers’ Association
Knot is, of course, a member of the European Central Bank Governing Council (policy setting committee at the ECB). I digress.
April PPI is due:
For the PPI headline y/y the range of expectations is 2.1 to 2.3%
For the PPI excluding food and energy y/y (the red highlit data point above) the range is 2.3 to 2.5%
- for the m/m its +0.1 – 0.3%
I’ll pop up a post separately on why being aware of these ranges is important.
This article was written by Eamonn Sheridan at www.forexlive.com.
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New Zealand Card retail sales (April) -0.4% m/m (prior -0.7%) & -3.8% y/y (prior -2.3%)
New Zealand Card Spending Total for April is +0.9%
- prior +0.1%
Card Spending Retail:
-0.4% m/m
- prior -0.7%
-3.8% y/y
- prior -2.3%
—
Data for purchases made in New Zealand on debit, credit and store cards.
Card spending data covers around 68% of core retail sales in NZ. Its used as the main retail sales indicator for the country.
This article was written by Eamonn Sheridan at www.forexlive.com.
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New Zealand hits record net migration loss, loses 52,500 citizens for the year ended in March
New Zealand saw it’s single-worst YoY net migration loss for the year ended in March, with New Zealand population outflows of 52,500 YoY.
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UBS owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT)
In the news on Monday was this, that UBS owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT)
- UBS is good company, the list of authorized participants for BlackRocks’ IBIT also includes Citadel and Goldman Sachs
UBS does allow some of its clients to trade Bitcoin ETFs, but only those clients it asses as having a higher risk tolerance can access the new funds
- It allows some of its affluent clients to gain exposure to cryptocurrency ETFs based in Hong Kong
- UBS is good company, the list of authorized participants for BlackRocks’ IBIT also includes Citadel and Goldman Sach
BTC update:
This article was written by Eamonn Sheridan at www.forexlive.com.
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AUD/USD: Analysis of the Current Trend and Expert Forecasts for 2024
Read the latest forecast for AUD/USD in 2024. Learn AUD/USD technical and fundamental analysis. Find out what the prospects are for this currency pair.
The post AUD/USD: Analysis of the Current Trend and Expert Forecasts for 2024 appeared first at R Blog – RoboForex.
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GBP/USD consolidates its gains above 1.2550 ahead of UK employment data
The GBP/USD pair consolidates its gains near 1.2560 on Tuesday during the early Asian session.
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