Foreign Exchange
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May 17, 2024
Asia Open - Overnight Highlights
May 17, 2024 12:00 AM UTC
EMERGING ASIA
EM currencies perform individually against the USD as the greenback followed the post CPI drop initially before rebounding in the New York session. KRW saw the largest gains of 1.79%, followed by THB 1.09%, IDR 0.65%, TWD 0.61%, MYR 0.5%, PHP 0.12% and HKD 0.11%; the biggest losers are
May 16, 2024
U.S. April Industrial Production - Underlying picture looks flat
May 16, 2024 1:31 PM UTC
April industrial production was unchanged with a downward revision to March offset by an upward revision to February. Manufacturing was weak at -0.3% though outside a negative correction in autos the drop was only 0.1%, leaving a fairly flat underlying picture.
U.S. Initial Claims, Housing Starts, Philly Fed - No real surprises but consistent with a modest slowing
May 16, 2024 1:00 PM UTC
The latest data is all close to consensus, initial claims partially correcting a sharp rise last week, housing starts correcting a sharp fall last month but permits seeing a second straight dip while the Philly Fed corrected from a strong preceding month but remains positive. All this is consisten
May 15, 2024
Preview: Due May 16 - U.S. Apr Housing Starts and Permits - Housing sector losing momentum
May 15, 2024 2:02 PM UTC
We expect April housing starts to rise by 4.5% to 1380k after a 14.7% March decline while permits fall by 1.2% to 1450k after a 3.7% March decline. This would be consistent with the housing sector losing some momentum entering Q2 in response to rising mortgage rates in Q1.
Asia Open - Overnight Highlights
May 15, 2024 12:00 AM UTC
EMERGING ASIA
EM currencies perform individually against the USD as the greenback yo-yo on stronger PPI and Fed speaker's comment. THB saw the largest gains of 0.41%, followed by MYR 0.25%, SGD 0.13%, PHP 0.04% and INR 0.02%; the biggest losers are IDR 0.12%, KRW 0.07% and TWD 0.02%.
USD/CNH is tradin
May 14, 2024
Preview: Due May 24 - U.S. April Durable Goods Orders - Underlying trend remains near flat
May 14, 2024 6:01 PM UTC
We expect April durable goods orders to fall by 0.8% after a rise of 0.9% in March (after annual revisions were released on May 14) with a 0.3% increase ex transport to follow an unchanged March. Underlying trend remains close to flat.
Preview: Due May 22 - U.S. April Existing Home Sales - No signals for a strong move
May 14, 2024 3:29 PM UTC
We expect existing home sales to be unchanged at 4.19m in April, pausing after a 4.3% decline in March corrected a strong 9.5% increase in February. We expect to see trend move lower in the coming months, but there are no clear signals for a second straight decline in April.
Preview: Due May 15 - U.S. April Retail Sales - Pause after a strong month
May 14, 2024 2:02 PM UTC
After a 0.7% increase in March, we expect April retail sales to rise by only 0.3%. Ex autos we expect a 0.2% increase to follow a 1.1% rise in March, while ex autos and gasoline we expect sales to be unchanged after a 1.0% increase in March which was the strongest since October 2022.
U.S. April PPI - Worrying strength, even if surprise in part offset by March revision
May 14, 2024 1:17 PM UTC
April PPI surprised on the upside with gains of 0.5% overall and ex food and energy, with ex food, energy and trade up by 0.4%. The upside surprise is however largely offset by downward revisions to March, both overall and ex food and energy to -0.1% from +0.2%, though March ex food, energy and tr