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FOMC minutes in the limelight - Nomura

The analysis team at Nomura suggests that today it will be worth looking at FOMC Minutes as of which data and what kind of analysis the FOMC monitored in assessing the economic momentum.Key Quotes “At the end of the 2-3 May meeting, the FOMC acknowledged that recent spending data had been weaker than expected. However, it stated explicitly that it viewed “slowing in growth during ...

14:46 24 May /2017 Forex

NZ: Budget likely to show that economy’s performance is generating greater revenue - BBH

Analysts at BBH suggest that tomorrow New Zealand’s milk coop will set initial prices for the new fiscal year, and separately the government may announce that the economy’s performance is generating greater revenue.  Key Quotes“It is likely to announce modest tax cuts ahead of the September election.  This may allow the New Zealand dollar to extend its recovery.  It had fallen to ...

14:46 24 May /2017 Forex

US: FOMC Minutes and CBO scoring of the health care reform bill in focus - BBH Sandeep Kanihama

Analysts at BBH suggest that the CBO scoring of the health care reform bill that passed the House of Representative is important as it is the official arbiter of such issues.Key Quotes“If the deficit is not reduced by two billion dollars over the next decade, it is possible that the bill is modified again and a new vote is needed.  This is problematic because the bill passed narro...

14:46 24 May /2017 Forex

BoC is expected to hold the overnight rate steady at 0.50% - RBC CM Sandeep Kanihama

Sue Trinh, Head of Asia FX Strategy at RBC Capital Markets, explains that the BoC is expected to hold the overnight rate steady at 0.50% in May and reinforce the “decidedly neutral” stance presented in the April MPR.Key Quotes“The brief accompanying statement is likely to suggest that the Q1 slowdown in the US economy is transitory and that the Bank’s forecast for 3.8% annualized ...

14:46 24 May /2017 Forex

USD/CAD hovering over 1.3500 ahead of BoC, FOMC Pablo Piovano

After climbing as high as the 1.3540 region during early trade, USD/CAD has now lost momentum and returned to the 1.3500 neighbourhood.USD/CAD attention to BoC, FOMCThe pair seems to have found some decent support around yesterday’s lows in the mid-1.3400s, gaining around a cent since then although the bounce met strong resistanc...

14:46 24 May /2017 Forex

EUR: Trading with a slight downside bias - BBH Sandeep Kanihama

Analysts at BBH note that the euro is trading with a slight downside bias and a break of $1.1150-$1.1160 could squeeze more momentum players and spur losses toward the $1.1080-$1.1100.  Key Quotes“Option expiries today include $1.1140-$1.1150 (~1.5 bln euros).  The dollar is in narrow ranges against the yen (~JPY111.75-JPY112.05).  There is a large (~$2.55 bln) JPY112.0 strike tha...

14:46 24 May /2017 Forex

GBP/USD: a top in place? – UOB Pablo Piovano

Cable could have carved a top in the mid-1.3000s, according to FX Strategists at UOB Group.Key Quotes“While there is no change to the current neutral outlook for GBP, the price action over the past few days is beginning to look increasingly like a topping process”.“The current neutral phase has been intact for about 3 weeks now a...

14:46 24 May /2017 Forex

USD/JPY stays on the defensive near term – Commerzbank Pablo Piovano

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could extend gains in case 112.10 is cleared.Key QuotesUSD/JPY is showing signs of attempting to stabilise above the 109.95 200 day ma and intraday should rallies managed to overcome 112.10 we would allow for a recovery. Meanwhile while capped by 11...

14:46 24 May /2017 Forex

US: Expect a decent increase in existing home sales - Nomura

The analysis team at Nomura points out that US existing home sales rebounded strongly by 4.4% m-o-m in March as both single-family home and condo sales increased decently, suggesting resilient momentum and as for April, they expect a decent increase in these data.Key Quotes“Mortgage applications for home purchases increased steadily in April after a strong jump in March. Pending h...

14:23 24 May /2017 Forex

BoC likely to leave rates on hold – BBH

The research team at BBH suggests that the Bank of Canada will leave rates on hold as the economy has generally evolved as it has expected.  Key Quotes“There is little reason to abandon its cautious posture.  The risks from trade are significant.  NAFTA negotiations begin in a few months.  Although the White House has balked at the border adjustment tax, the vacuous nature of the ...

14:23 24 May /2017 Forex

Gold oscillating in a range around $1250, awaits FOMC minutes for fresh impetus

After an initial dip to $1248 level, gold seems to have regained some traction and is now headed toward the top end of daily trading range.Currently trading around $1252 region, the precious metal's rebound from session low could be attributed to a modest greenback retracement led by softer tone surrounding the US treasur...

14:23 24 May /2017 Forex

China: Marginal impact from Moody's decision to cut credit rating - BBH

The analysis team at BBH points out that the main development today was Moody's decision to cut China's credit rating to A1 from Aa3 as it cited the risk of a material rise in economy-wide debt levels as the economy slows.  Key Quotes“The outlook was shifted to stable from negative.  It is Moody's first downgrade of China since 1989.  Our own sovereign ratings model has China’s im...

14:00 24 May /2017 Forex

BoC to keep policy rates unchanged - TDS Sandeep Kanihama

The analysis team at TDS is looking for the Bank of Canada to keep policy rates unchanged at its May meeting and suggests that the scope to alter the tone of the statement is limited amid continued weakness in core inflation.Key Quotes“The biggest update we expect is to remarks on the housing market, which should praise the recent macropru measures but also note that evolving risk...

14:00 24 May /2017 Forex

FOMC Minutes to give more insight about the timing of the next hike – Danske Bank Sandeep Kanihama

Analysts at Danske Bank explain that in the US, the FOMC minutes from the May meeting on Wednesday are due out and will be the key economic release for today’s US session.Key Quotes“They minutes may give us more insight into what the FOMC members think about the timing of the next Fed hike and not least quantitative tightening (however, notice that the meeting took place before th...

14:00 24 May /2017 Forex

AUD/USD recovers early losses, eyeing 0.75 mark ahead of FOMC minutes Haresh Menghani

The AUD/USD pair has managed to recover all of its early losses and is currently placed near session tops around 0.7475-80 region.Spot came under some fresh selling pressure on Wednesday after Moody's downgraded China's sovereign rating citing eroding financial strength and slowing growth. The news weighed on China-proxy Australian Dollar and ext...

14:00 24 May /2017 Forex

London Police closed Paternoster Square due to suspicious item

Livesquawk out with latest headlines, citing that London Police closed Paternoster Square due to suspicious item.

13:46 24 May /2017 Forex

FOMC Minutes will provide the largest event risk today - TDS

The research team at TDS suggests that the May FOMC Minutes will provide the largest event risk amid a quiet data calendar.Key Quotes“We look for the minutes to reinforce the relatively hawkish policy statement with references to a robust labour market and a solid growth outlook. We will also be on alert for any discussion of changes to the Fed’s reinvestment policy, the discussio...

13:46 24 May /2017 Forex

EUR/NOK eases from tops, around 9.3800

The Norwegian Krone pared initial losses vs. the single currency, prompting EUR/NOK to reverse the initial spike to daily highs near 9.4000 the figure.EUR/NOK weaker post-dataNOK met a bout of selling pressure after today’s survey indicated that companies’ investment estimate for the next year within oil and gas,...

13:46 24 May /2017 Forex

USD/CHF downside momentum alleviated – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could attempt a small rebound.Key QuotesUSD/CHF charted an inside day yesterday and although it has eroded .9720, the 78.6% retracement, we have not seen a close below here and this does suggest a loss of downside momentum. We would allow for a small bou...

13:46 24 May /2017 Forex

EUR/USD sticks to the bullish stance – UOB

FX Strategists at UOB Group noted a potential visit to the 1.1300 area appears to have lost some vigour in the near term.Key QuotesEUR eked out a marginal new high of 1.1267 yesterday before easing off quickly. The price action is not surprising as we have held the view that that “while the outlook for this pair is still bullish...

13:46 24 May /2017 Forex