Drama In Washington Adds To Dollar Woes

new concept

  • News from Washington escalates already rising concerns about the economic agenda 
  • There were two economic reports from Japan and UK today that ought to not be lost in the focus on US politics 
  • The North American session has a light economic diary  
  • Malaysia April CPI was lower than expected; South Africa March retail sales are expected at -1.0% y/y 
  • National Bank of Poland is expected to keep rates steady at 1.5% 

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From the Securities Lending Trading Desk

new growth

Merger news continues to drive Securities Lending demand in the U.S. Fee levels are spiking quickly for recent IPO, Snap Inc. as the share price tumbled after the company reported a $2.2 billion loss. The world’s second-largest shipbuilder, Hyundai Heavy Industries, has split into four companies as it seeks to navigate through one of the most prolonged slumps in the industry. In Europe, everyone is talking about TalkTalk Telecom’s dividend scale back.

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Markets Becalmed Ahead of US Data and Weekend

new time

  • The FX market is becalmed and the news stream is light 
  • The North American session features the data highlight of the week for the US with April CPI and retail sales due 
  • Germany holds the last state election this weekend ahead of the national election in September 
  • India reports April WPI, CPI and March IP; Colombia central bank releases its minutes

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Kiwi and Loonie Whacked, Greenback Consolidates

US and Canadian Flags

  • Kiwi sold off hard after RBNZ softened its inflation forecast and discouraged speculation in the market of a rate hike  
  • Loonie was spanked after Moody’s downgraded six banks amid concern about exposure to overstretched consumers 
  • The Bank of England meets today 
  • Philippines central bank kept rates steady at 3.0%, as expected; Peru central bank is expected to keep rates steady at 4.25% 

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