Rabobank’s Senior Macro Strategist Stefan Koopman expects the Bank of England’s (BoE) Monetary Policy Committee (MPC) to leave Bank Rate at 3.75% at the April meeting, maintaining its vigilant stance. Koopman notes weaker domestic demand, already restrictive policy and lower-than-expected energy prices, which may slightly reduce near-term inflation forecasts, while still anticipating one additional rate hike rather than a…
Mon: German GfK Consumer Confidence (May), US Dallas Fed Manufacturing Index (Apr) Tue: BoJ Policy Announcement (Apr), Spanish/Italian Retail Sales (Mar), Italian PPI (Mar), US ADP Weekly Employment Change, US House Price Index (Feb), US CB Consumer Confidence (Apr), US Richmond Fed Index (Apr), US Dallas Fed Index (Apr) Wed: Fed Policy Announcement (Apr), BoC Policy Announcement (Apr), BCB…
Australia CFTC AUD NC Net Positions: $64.8K vs previous $65.1K
The USDCHF moved higher earlier today, but that upside momentum has stalled and the pair has backed off its highs as the USD comes under pressure. Headlines about Iran sending a delegation to Pakistan helped shift the tone, and the greenback has rotated lower as a result. Even so, USDCHF is still clinging to modest gains, up about 0.04%…
United States CFTC S&P 500 NC Net Positions climbed from previous $-115.8K to $-110.1K
Canada retail sales came in a bit softer on the surface, but the underlying details were more constructive. Headline sales rose +0.7% vs +0.9% expected, but the prior month was revised higher to +1.2% from +1.1%. Ex-autos, sales increased +0.5% vs +0.8% expected, with the prior also revised up to +1.0% from +0.8%. So while the current read missed…
Gold trades modestly higher on the day above $4,700 after having touched a fresh 10-day low below $4,660 earlier in the day, but looks to end the week in negative territory. Intensifying US-Iran tensions over the Strait of Hormuz and the lack of progress in peace talks keep investors on edge. Moreover, reviving inflationary fears temper expectations for a…
The Department of Justice is expected to drop its criminal investigation into Federal Reserve Chair Jerome Powell as soon as today, ABC News reports. (Update: It’s now confirmed) Senator Thom Tillis said he wouldn’t advance the nomination of Kevin Warsh so long as the probe remained open. Other Republican Senators were also strongly against it. Powell’s term ends May…
United Kingdom CFTC GBP NC Net Positions rose from previous £-54.7K to £-52K
Sector Overview The U.S. stock market is showcasing a mixed performance, emphasized by notable movements in technology and semiconductor sectors. The technology sector stands out with various software and infrastructure stocks showing positive momentum. Microsoft (MSFT) has managed to post a modest gain of 0.40%, while the semiconductor giant Nvidia (NVDA) rallied with an impressive 1.48% increase, defying the…
