U.S. Review
Modest Bounce Back for Q2
- Industrial production weakened for a fifth straight month. Utilities and mining were predictably weak amid weather changes and a pullback in the energy industry, while manufacturing was flat.
- The Regional PMIs do not suggest much of a rebound in Q2, with Kansas City and Philadelphia slipping in May.
- The housing market is generally looking better this year now that housing starts and permits snapped back in April and homebuilder confidence is higher than a year ago. Existing home sales, however, fell in the month.
Global Review
Stronger Growth in Japan…With a Few Qualifications
- Japan’s better-than-expected GDP report for Q1 was largely a function of inventory building, but domestic demand is firming as well.
- Purchasing manager surveys for the Eurozone were mixed in May with the manufacturing sector looking better than expected, but the services sector growing at a slightly slower pace.
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.