News

US initial jobless claims and continuing claims for the current week initial jobless claims 498K versus 538K estimate.  Prior week was revised higher by 37K to 590K from 553K and this reported four-week moving average of initial jobs claims 560K versus 621K last week. This was the lowest since March 14, 2020 continuing claims 3690k vs 3620K estimate.  Prior week was revised down
US dollar under broad pressure Friday’s rally in the US dollar is rapidly unwinding and that accelerated after the ISM manufacturing survey missed expectations. Looking through the survey details, I tend to think the market is misreading it, if the takeaway is that demand is slowing. Every comment in the survey points to strong demand
Bank of England, Governor Andrew Bailey, 0.10%, Meets May 06 Prior to the latest BoE meeting on March 18 there was a tail risk of a rate hike coming into the markets. The GBP has been strongly supported over the last few weeks and the last meeting continues to provide reason for optimism regarding GBP
This trade has been at the top of the charts all year The failure of the Canadian dollar to launch immediately after the Bank of Canada decision last week was puzzling but the market got the memo (telegram?) this week. A strong retail sales report helped to cement the momentum in the Canadian economy and
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The gold lobby group note outflows from gold-backed exchange-traded funds in Q1 of 2021 Say this was offset somewhat by rising physical demand, including for jewellery jewellery demand 52% higher y-o-y Bar and coin investment +36% y-o-y Say demand boosted by: bargain-hunting, as well as by expectations of building inflationary pressures. Also: Q1 saw continued
No sooner had I posted the wrap noting the continued slide for the USD than it reverses! US yields have not done much to reverse their fall, so that is not it.  Fresh news? Nope. Nor data.   If someone in the comments says more buyers than sellers… ok then 😀 AUD, NZD the losers: Invest
Weekly oil inventory data Prior was +594K Gasoline +92K vs -50K expected Distillates -3342K vs -1244K expected Refinery utilization +0.40% vs +0.25% expected Production estimate  10.9 mbpd vs 10.9 mbpd prior API data from late yesterday: Crude +4319K Gasoline -1288K Distillates -2417K WTI has been on the move to the upside in the last two