•
European PMIs top global ranking
– All of the
top 10 countries are European; Asia was particularly weak
– Eurozone
manufacturing PMI now higher than US ISM index, but as this has no implications
for monetary policy, it probably won’t affect the currency
– Sweden’s
strong PMI suggests SEK strength
•
RBA cuts rates 25 bps, as expected
– Says AUD is
likely to weaken further, should weaken; it does. I remain bearish AUD
•
Fed Evans wants delay in hiking rates
– He’s a
well-known dove and his views aren’t representative of FOMC consensus
•
Greece pushes for more funding as ECB considers
cutting it
– Greek
officials talk with Draghi today to get ECB to boost funding for Greek banks
– But ECB
will debate tomorrow whether they should raise collateral requirements
•
Today:
– Sweden: Industrial
production for March expected to rise, could be SEK-positive
– UK:
Construction PMI for April expected to decline slightly but remain at high
level
– US: final
Markit service-sector PMI for April, ISM non-manufacturing PMI forecast to
decline. US trade balance for March
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