•
Dollar strengthens on good US labor-related
data
– NFIB small
business optimism index rises more than expected; small businesses finding it
harder to hire people, are raising pay
– Job Opening
and Labor Turnover Survey shows big rise in number of open jobs
– Fed funds
rate expectations rise, US bond yields rise = USD supported
– Meanwhile,
talks between Greece & creditors are at a standstill as the clock ticks
down
•
NOK, CAD rise on surge in oil prices
– Weekly API
stats show big drawdown in inventories; Saudis say they’re increasing
production because of higher demand
•
Kuroda says it’s hard to see Japan REER falling
further
– Notes that
JPY has returned to levels prevalent before Lehman Bros. collapse
– Still, I
see no reason why JPY can’t weaken further with world’s biggest QE program
•
Today:
– Eurozone: French
industrial production for April
– Norway:
CPI for May
– UK:
Industrial production for April may be weak, judging from manufacturing PMI;
BoE Gov., Chancellor speak at Mansion House
– New
Zealand: RBNZ (just barely) expected to cut rates
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