Drama In Washington Adds To Dollar Woes

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  • 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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Markets Becalmed Ahead of US Data and Weekend

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  • 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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Markets Adjust to North Korea Remarks, Oil Data, and FBI Drama

Exchange Thoughts ETMFs

  • Investors absorbed developments (North Korea remarks, Comey firing, oil data) that might have been disruptive for the markets with little fanfare 
  • The economic news has been largely limited today to China’s price gauges and Italy’s industrial output figures  
  • Hungary and Czech Republic reported lower than expected CPI readings for April 
  • Brazil April IPCA consumer inflation is expected to rise 4.10% y/y vs. 4.57% in March 

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Dollar Firms Amid Position Adjustments

The steps to move forward

  • The election of Macron as French President has set off a bout of position adjustments  
  • Germany reported trade and industrial production figures for March and Italy reported retail sales 
  • AUD traded at fresh lows on disappointing retail sales and budget projections 
  • Korean polling stations will close at 8 PM local time (7 AM ET) 
  • Mexico April CPI is expected to rise 5.74% y/y vs. 5.35% in March

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Drivers for the Week Ahead

Blog icons-DRIVERS

  • Macron is going to be the next president of France 
  • US retail sales and CPI data should demonstrate that the economic headwinds were transitory  
  • The Bank of England meets and issues its quarterly inflation report 
  • The Reserve Bank of New Zealand meets this week and policy is on hold 

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Dollar Mixed Ahead of US Jobs Data and Fed Talk

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  • The US dollar is narrowly mixed as the employment data and Fed speeches are awaited 
  • The April employment report is expected to recover from the weather-induced slowdown in March 
  • If one is confident that Macron is the next French President, attention must turn to next month’s parliamentary election 
  • Canada also reports April employment data today 
  • Taiwan and Philippines April CPI came in lower than expected; Colombia reports later  

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