Forward Guidance: Hard Data for Hard Times
This week gave us no shortage of survey evidence that economic activity plummeted in many countries in April. European economic sentiment tanked to financial crisis lows and US manufacturing PMIs were down sharply. In Canada, manufacturing sentiment fell to a...
Week Ahead: The Reopening
The better we do; the less people will be infected! Heading into the end of April, there was a lot to look forward to: the plethora of month end economic data, earnings, Central Bank meetings, and the recent collapse of...
USD/CAD and WTI Correlation Unreliable; Macklem in as New BOC Governor
Many times, USD/CAD has been discussed in the context of its relationship with Crude Oil. We are no exception; as many times we write how a move in USD/CAD can be attributed to a move in WTI Crude Oil. The...
What A Strange Week
Sentiment has taken a bit of a knock at the end of the trading week, as many stock exchanges around the world close is observance of Labor Day. It’s been a very strange week in all honest. We rallied early...
Economy Slumps, ECB Eases Modestly
Executive Summary The Eurozone economy declined 3.8% quarter-over-quarter in the first quarter, matching expectations but still the largest quarterly decline on record, with sizable falls in French, Italian and Spanish GDP. April CPI inflation also slowed. The ECB eased liquidity...
Week Ahead – Nonfarm Payrolls: The Market’s Trial by Fire?
The serenity that has encompassed global markets lately will be put to the test next week, when America’s nonfarm payrolls data reveal how much destruction the pandemic has left in its wake. The Bank of England and the Reserve Bank...
Euro-Zone’s Economic Confidence Sharply Deteriorated In April
For the 24 hours to 23:00 GMT, the EUR rose 0.44% against the USD and closed at 1.0874. On the macro front, Euro-zone’s consumer confidence index eased to -22.7 in April, compared to a level of -11.6 in the previous...
Chinese Manufacturing PMI Could Stay in the Expansion Area
The Chinese National Bureau of Statistics (NBS) will publish April’s manufacturing PMI survey on Thursday at 01:00 GMT and analysts expect a tiny pullback after last month’s incredible rebound that drove the index to pre-outbreak levels. While the slowdown in...
Dollar Edges Down Ahead Of Fed, Aussie’s Bull Run Continues
Dollar drifts lower in mostly risk-on mood ahead of Fed statement Virus success powers aussie to 7-week high, euro perks up too Oil steadies, stocks move higher in lacklustre trading Dollar pressured amid lockdown easing, eyes Fed meeting The mood...
Eurozone GDP Set to Shrink, Pile Pressure on ECB as EU Dithers on Virus Aid
With Europe’s biggest economies shutting down in March as the coronavirus wreaked havoc across the continent, no one is expecting the Eurozone’s first quarter GDP estimate due on Thursday (09:00 GMT) to be anything but abysmal. But just as in...
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