Brazil Services Growth Remains Strong In April
Monday, May 6,2024,13:25
Brazil's service sector continued to expand at a solid pace in April amid sustained rises in activity and new orders, survey results published by S&P Global showed on Monday. .. read more..
Eurozone Private Sector Growth Accelerates In April
Monday, May 6,2024,13:10
The euro area private sector growth accelerated to an 11-month high in April driven by the service sector, final survey results from S&P Global showed on Monday. The HCOB composite output index rose to 51.7 in April from 50.3 in the previous month. The flash estimate was 51.4. .. read more..
Spain Unemployment Lowest Since 2008
Monday, May 6,2024,12:11
Spain's unemployment declined sharply in April to the lowest level since September 2008, data from the labor ministry revealed on Monday. .. read more..
South African Private Sector Logs Marginal Expansion
Monday, May 6,2024,11:44
South Africa's private sector activity signalled a moderate expansion in April as output and new orders dropped only marginally, survey results from S&P Global showed Monday. .. read more..
Eurozone Sentix Investor Confidence Rises For 7 Straight Months
Monday, May 6,2024,10:54
Eurozone investor confidence improved for the seventh straight month in May to hit the highest level since February 2022 as both current situation and expectations rose in small but steady steps, a closely watched survey showed on Monday. The investor confidence index posted -3.6 in May, the behavioral research institute Sentix reported. The score was forecast to improve moderately to -4.8. .. read more..
ECB's Vujčić says rates will be gradually lowered over time
Monday, May 6,2024,10:45
Nothing new there from the ECB for the time being. A June rate cut is all but confirmed but they're not pre-committing to anything after just yet. It all depends on the data in the next few months. The good news for them is that at least the euro area economy is holding up decently to start the year. This article was written by Justin Low at www.forexlive.com. .. read more..
Eurozone Producer Prices Continue To Fall Sharply
Monday, May 6,2024,10:41
Eurozone producer prices logged a further steep decline in March amid a continued downward trend in energy prices, data published by Eurostat showed on Monday. .. read more..
Hungary Trade Surplus Grows In March
Monday, May 6,2024,08:44
Hungary's foreign trade surplus increased in March from a year ago, as imports fell faster than exports, preliminary data from the Hungarian Central Statistical Office showed on Monday. .. read more..
Indonesia GDP Growth Exceeds Expectations
Monday, May 6,2024,08:25
Indonesia's economy grew more than expected in the first quarter on robust government spending, official data revealed on Monday. Gross domestic product posted an annual growth of 5.11 percent in the first quarter after rising 5.04 percent in the fourth quarter of 2023. GDP was expected to grow 5.0 percent. .. read more..
Sweden Service Sector Turns Contraction In April
Monday, May 6,2024,08:22
Sweden's service sector activity deteriorated for the first time in five months in April, survey results from Swedbank and the logistics association Silf showed on Monday. .. read more..
Russian Services Activity Expands Least In 15 Months
Monday, May 6,2024,07:48
The Russian services activity grew at the weakest pace in more than a year in April amid softer demand conditions, survey results from S&P Global showed on Monday. .. read more..
China Service Sector Growth Moderates In April
Monday, May 6,2024,07:12
China's service sector continued to expand in April but the pace of growth moderated slightly, survey results from S&P Global showed on Monday. The Caixin services Purchasing Managers' Index fell to 52.5 in April from 52.7 in the previous month. A reading above 50.0 indicates expansion in the sector. The official PMI survey results also showed that the private sector growth moderated in April. .. read more..
India's Services Activity Logs Further Strong Expansion
Monday, May 6,2024,07:07
India's service sector activity continued to expand sharply in April, as growth in sales and output was among the fastest in fourteen years, flash survey data from S&P Global showed on Monday. .. read more..
Producer price index. EU, 11:00 (GMT+2)
Monday, May 6,2024,07:00
At 11:00 (GMT+2), March data on the producer price index in the EU is due. The indicator reflects changes in the price of goods at the wholesale level (raw materials, semi-finished products and final goods are taken into account). Increasing prices for producers contributes to the growth of consumer inflation in the region. A decrease of the indicator from –8.3% YoY and from –1.0% MoM will put pressure on the euro. Read more .. read more..
Sentix investor confidence. EU, 10:30 (GMT+2)
Monday, May 6,2024,06:30
At 10:30 (GMT+2), the May EU Investor Confidence Index from Sentix is due. The indicator reflects investor confidence in the economic prospects of the region. It may accelerate the decline from −5.9 points, putting pressure on the euro and negatively affect the dynamics of the EU stock market. Read more .. read more..
Service PMI. EU, 10:00 (GMT+2)
Monday, May 6,2024,06:00
At 10:00 (GMT+2), the April index of business activity in the EU services sector is due, based on a survey of purchasing managers of non-manufacturing enterprises. At the same time, their attitude to the current economic situation and prospects for its further development is assessed. The April index may decrease from 51.5 points to 51.1 points, and the composite value – from 51.4 points to 49.9 points. Read more .. read more..
Service PMI. Germany, 09:55 (GMT+2)
Monday, May 6,2024,05:55
At 09:55 (GMT+2), the April index of business activity in the German services sector is due, based on a survey of supply managers of non-production enterprises, and their attitude to the current economic situation and prospects for its further development is assessed. The April index may decrease from 53.3 points to 50.6 points, and the composite value – from 50.5 points to 48.6 points, putting pressure on the euro. Read more .. read more..
European Economic News Preview: Eurozone Final PMI, Investor Confidence Due
Monday, May 6,2024,05:52
Final composite Purchasing Managers' survey results, investor sentiment and producer prices from the euro area are the top economic news due on Monday. At 3.15 am ET, Spain's services PMI survey results are due. Economists expect the services PMI to fall slightly to 56.0 in April from 56.1 in March. .. read more..
Federal Open Market Committee (FOMC) speakers on Monday include NY Fed's Will...
Monday, May 6,2024,03:38
1650 GMT / 1250 US Eastern time Federal Reserve Bank of Richmond President Thomas Barkin speaks before the Columbia Rotary Club 1700 GMT / 1300 Federal Reserve Bank of New York President John Williams participates in conversation before the Milken Institute 2024 Global Conference As head of the NY Fed Williams is vice chair of the Federal Open Market Committee (FOMC) and has a permanent vote on the Committee. This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
ECB's Lane says Confidence on getting inflation lower is improving
Monday, May 6,2024,03:11
European Central Bank chief economist, Philip Lane, spoke in an interview in Spanish press, El Confidencial: What we said in April was essentially that if our level of confidence in the overall return of inflation to our target improved, it would be appropriate to reduce the current level of interest rates. There are still several weeks until the June meeting, but the April data is important. Both the preliminary estimate of eurozone inflation in April and the published GDP data for the first quarter improve my confidence that inflation will soon return to the target. So today my confidence level has improved compared to our April meeting. But of course we will receive more data between n... .. read more..
Hong Kong Private Sector PMI Slips In April - S&P Global
Monday, May 6,2024,02:54
The private sector in Hong Kong continued to expand in April, although at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 50.6. .. read more..
Singapore Private Sector Slows In April - S&P Global
Monday, May 6,2024,02:52
The private sector in Singapore continued to expand in April, although at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 52.6. .. read more..
China Services Sector Ebbs In April - Caixin
Monday, May 6,2024,02:50
The services sector in China continued to expand in April, although at a slower pace, the latest survey from Caixin revealed on Monday with a services PMI score of 52.5. .. read more..
OECD says the Reserve Bank of New Zealand has limited space for rate cuts thi...
Monday, May 6,2024,02:42
The Organisation for Economic Co-operation and Development's (OECD) has published its annual survey of the New Zealand economy. OECD says: RBNZ needs to ensure inflation falls to 2% before it cuts rates combined with further fiscal consolidation to help curb inflation and restore fiscal headroom forecast economic growth of less than 1% for 2024, rising to just under 2 % in 2025 economic growth has stalled said "rebalancing" was under way to counter high inflation and large budget deficits caused by increased spending during the pandemic "Monetary policy will need to remain restrictive coupled with further fiscal consolidation to help curb inflation and restore fiscal space," "The governme... .. read more..
Heads up for European Central Bank President Lagarde speaking Monday
Monday, May 6,2024,02:10
I have this but am unsure about it - stay tuned just in case! 1245 GMT / 0845 European Central Bank (ECB) president Christine Lagarde speaks to reporters This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
PBOC sets USD/ CNY reference rate for today at 7.0994 (vs. estimate at 7.2127)
Monday, May 6,2024,01:15
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate. CNH is the offshore yuan. USD /CNH has no restrictions on its trading range. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. China was off on holidays, with markets closed, Wednesday, Thursday and Friday last week. PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8% 10bn yuan of RRs mature today thus net 8bn drain on the day in OMOs This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
Swiss National Bank (SNB) Jordan speaks on CBDC on Monday
Monday, May 6,2024,00:47
Speech by chairman, governing board of the Swiss National Bank (SNB) Thomas Jordan on Monday, 6 May 2024: 1225 GMT / 0825 US Eastern time Topic is "Project Helvetia III - The SNB's pilot for wholesale CBDC" Let's hope he has something on the economy and/or policy too. This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
PBOC is expected to set the USD/CNY reference rate at 7.2127 – Reuters estimate
Monday, May 6,2024,00:23
People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%. How the process works: Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and i... .. read more..
Caixin Manufacturing PMI. China, 03:45 (GMT+2)
Sunday, May 5,2024,23:45
At 03:45 (GMT+2), China will publish April data on the manufacturing business activity index from Caixin. The indicator reflects the state of business activity in the national manufacturing industry based on a survey of purchasing and supply managers of leading national enterprises in all industries. At the same time, their attitude to the current economic situation and prospects for its further development is assessed. It may grow from 52.7 points, supporting the yuan. Read more .. read more..
USD/JPY (or should we call it USD/Yellen?) is still racing higher
Sunday, May 5,2024,23:42
US Treasury Secretary Yellen spoke over the weekend: Yellen didn't sound unsupportive of Japan's 'rumoured' intervention, but she didn't sound real keen either The TL;DR version of that post ios Yellen telling Japan that "You're on your own!" re intervention. Check it out for why. USD/JPY has been heading higher for the session so far: ps. It's a Japanese market holiday today. This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
RBA meet this week - "History suggests a rate increase is plausible"
Sunday, May 5,2024,23:33
The Reserve Bank of Australia statement is due on Tuesday, 7 May 2024 at 2.30 pm Sydney time: 0430 GMT 0030 US Eastern time I posted on Friday that all but one analyst of the 37 surveyed expect the Bank to remain on hold. RBA meeting next week - preview - Cash rate to remain unchanged Capital Economics is opting for a 25bp rate hike: “Our forecast is a line ball call, but a 5 per cent chance is too low,” “Inflation is proving stickier and stronger than the RBA expected, and is on track to overshoot their target for four years, which is quite long. “The labour market and wages in the services sector risks keeping price pressures higher for longer.” The article in the Australian Financial R... .. read more..
HSBC on the yen, "weaker for longer" may be needed
Sunday, May 5,2024,23:03
HSBC are not wrong. From a note late last week: “After years and years of losing competitiveness, exporters are at last feeling the lift from exchange rate realignment. And, one might suspect, an even weaker exchange rate, and for longer, may be needed, to turn the lift into an enduring manufacturing renaissance” Says a weaker yen is boosting Japan’s service sector boosting tourism helping lift inflation expectations “A weaker yen, in other words, is not entirely unwelcome, as long as the decline is orderly. Thus, don’t expect the BOJ to rush into aggressive tightening just because the exchange rate is wobbly” USD/JPY update to begin the week: This article was written by Eamonn Sheridan a... .. read more..
Indonesia GDP Data Due On Monday
Sunday, May 5,2024,22:00
Indonesia will on Monday release Q1 figures for gross domestic product, highlighting a light day for Asia-Pacific economic activity. In the previous three months, GDP was up 0.45 percent on quarter and 5.04 percent on year. .. read more..
JP Morgan trim back estimates for ECB rate cuts in 2024 to 75bp, from 100 pre...
Sunday, May 5,2024,21:51
JP Morgan have maintained their forecast for the first ECB rate cut in June but are now expecting 75bp of cuts in total for this year instead of their previous 100bp of cuts projection. JPM removed a cut on October from their forecast, now see June, September and This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
Reminder - it's a national holiday in Japan on Monday, 6 May 2024. Markets ar...
Sunday, May 5,2024,21:02
I'm posting this info in the 'Central Banks' category are with thinner liquidity than normal today with Japan out there is the risk of Bank of Japan yen intervention. This article was written by Eamonn Sheridan at www.forexlive.com. .. read more..
Weekend - "Yellen counsels caution on currency intervention after surge in yen"
Sunday, May 5,2024,20:30
US Treasury Secretary Yellen spoke over the weekend “I’m not going to comment on whether they did or didn’t intervene, I think that that’s a rumour.” said the yen “did move quite a bit in a relatively short period of time” “we would expect these interventions to be rare and consultation to take place” Why is the US Tres Sec commenting on the yen? The G7 (of which the US and Japan are a part) have a long-standing agreement among to have the market to determine exchange rates, with intervention by authorities only when it’s aimed at smoothing out volatility, not to influence rates. Yellen reiterated these points in her remarks. I said back on Friday that the US support for Japan on interven... .. read more..
XRP Price Forecast: JPMorgan Cross-Border Payments Could Drive XRP to $1,000,...
Sunday, May 5,2024,10:53
XRP price is poised to rally above $1,000 according to an Analysts’ liquidity sheet factoring in a daily cross-border payment volume of $1 trillion. .. read more..
Shiba Inu (SHIB) Overtakes BTC and DOGE as Most-Traded Coin in India
Sunday, May 5,2024,10:39
Shiba Inu (SHIB) has continued to attract the attention of crypto traders in India as it became the most traded coin on WazirX exchange for April 2024. .. read more..
The Week Ahead: The RBA and the BoE in Focus Amidst Shifting Policy Outlooks
Sunday, May 5,2024,03:05
FOMC member commentary, economic indicators from China, and key stats from Germany and Japan will warrant investor attention in the week ahead. .. read more..
The incredible city of 33 million that's growing faster than anywhere else in...
Saturday, May 4,2024,10:00
This "colourful" capital city is bustling with modern life and unlike anywhere else in the world. .. read more..
Five Things to Know in Crypto This Week: US Jobs Report Offers Relief
Saturday, May 4,2024,06:00
The BTC-spot ETF market tested buyer demand for BTC, while XRP trended upwards amidst court filings from the SEC and Ripple. .. read more..
Shiba Inu Price Surges as PayPal announces SHIB Token Integration in USA
Friday, May 3,2024,22:17
Shiba Inu (SHIB) price surge 20% within the daily timeframe on Friday May 3, as market reacted to a landmark Paypal integration. .. read more..
Goldman Sachs still thinks a July rate cut is more likley
Friday, May 3,2024,15:06
Goldman Sachs chief economist Jan Hatzius was on CNBC and said this: I'm pretty confident the wage trend is down If we look at other indications like the Atlanta tracker, wage trend is down I do expect 'much better' PCE numbers in the second quarter A July cut is still a reasonable baseline, it's still more likely in our view I often write that when an economist says 'still' it means that he's lost confidence. That's not a big surprise seeing as Goldman Sachs is way out of consensus on a July rate cut. That said, they're crunching the numbers and the comments about wages and PCE are what matters in the bigger picture more than if Fed cuts come in July, Sept or November. This article was w... .. read more..
Baker Hughes oil rig count. USA, 19:00 (GMT+2)
Friday, May 3,2024,15:00
At 19:00 (GMT+2), data on the number of active oil rigs from Baker Hughes is due. The weekly report records changes in oil production capacity in the United States. Earlier, the number of towers remained at 511 pieces. Read more .. read more..
Norges Bank Keeps Policy Rate Steady At 4.50%
Friday, May 3,2024,14:52
The Norwegian central bank maintained its key interest rate for the third straight decision on Friday, as the current stance is needed for some time ahead in order to bring inflation back to the target within a reasonable time horizon. .. read more..
Fed's Goolsbee: Jobs reports like this will give us confidence the economy no...
Friday, May 3,2024,14:31
The more jobs reports you get like this, the more confident we can be the economy isn't overheating Hit a bump in inflation at the start of the year The more we see jobs reports that look like pre-covid, the more confidence that there is that the economy is not overheating The Fed must get comfort that recent inflation is not a sign of re-acceleration What happened in the jobs market this year has to be reset based on estimates of higher immigration but we're still trying to analyze that We have some cross-currents, there's no question about that Are we on the long arc of last year where we saw inflation steadily coming down or some different environment? If we remain this restrictive for... .. read more..
U.S. Service Sector Activity Contracts For First Time Since December 2022
Friday, May 3,2024,14:31
After growing for fifteen consecutive months, U.S. service sector activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management on Friday. The ISM said its services PMI dipped to 49.4 in April from 51.4 in March, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 52.0. .. read more..
Fed's Goolsbee set to speak shortly
Friday, May 3,2024,14:22
We have heard from Fed hawk Michelle Bowman and now we're set to hear from dove Austin Goolsbee. He is set to appear on Bloomberg TV at the bottom of the hour, or shortly afterwards. This article was written by Adam Button at www.forexlive.com. .. read more..
ISM Services PMI Drops To 49.4, Missing Analyst Expectations
Friday, May 3,2024,14:19
The index indicated contraction after 15 consecutive months of growth. .. read more..
Eurozone Unemployment Rate Steady At 6.5% For Fifth Month
Friday, May 3,2024,14:13
Euro area jobless rate remained unchanged at a record low for the fifth month in a row in March and the unemployment decreased, while a tight labor market could urge the European Central Bank to remain cautious even as policymakers gear up for an interest rate cut in June. The seasonally adjusted unemployment rate was 6.5 percent in March, which is the same level as in the previous four months. .. read more..