•
USD mixed even though US indicators are
generally positive
– Jobless
claims rose somewhat, but pending home sales rose more substantially
– USD higher
vs NZD, NOK & AUD (commodity currencies); lower vs CHF, SEK, EUR, CAD and
JPY. Stable vs GBP
•
NZD plunges; reason unclear
– NZD was the
biggest mover as it plunged in European/US trading; no clear reason. ANZ
business confidence falls to two-year low = NZD-negative
•
JPY gains as Finance Minister says moves are
“rough”
– Aso says
they’re monitoring the FX market closely. But this doesn’t mean anything
because they won’t do anything. I remain bearish JPY.
– Japan
inflation drops to 0.6% yoy in April, as expected
•
China stocks stabilize after Thursday’s 6.5%
plunge
– Much
depends on weekend press; will there be a “Black Monday”?
– Outlook is
important for EM currencies, AUD
•
Today:
– Eurozone: German
retail sales for April, Eurozone M3 money supply
– Sweden: Q1
GDP
– US: 2nd estimate of Q1 GDP expected to be revised down
sharply to -0.8% qoq SAAR from +0.2% = USD-negative
– G7 Finance
Ministers & central bank governors meeting ends w. press conference
No comments:
Post a Comment