U.S. Review
Retail Sales Disappoints
- Retail sales came in flat in April, which was weaker than the consensus estimate. With retail sales now registering a soft reading in four of the past five months, many are now expecting another lackluster quarter of economic activity in Q2, all things equal.
- The Job Openings Labor Turnover Survey (JOLTS) also came in weak during the month. The report showed that job openings tumbled after reaching a 14-year high in February. However, the March reading appears to be in line with the downwardly revised nonfarm payrolls report. We continue to expect labor market gains in the coming months.
Global Review
Better Eurozone Will Help Global Growth
- We finally have proof of what we have been arguing for the past several months, that there are things happening in the Eurozone that hint to a better performance by the battered region. The region's GDP increased 0.4 percent compared to the last quarter of 2014 and 1.0 percent on a year-earlier basis.
- However, this strengthening of growth in the Eurozone is still having little effect on the Latin American economies, which are struggling to adapt to the new global economic reality.
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Editors’ Picks
EUR/USD holds above 1.0700 ahead of US jobs report
EUR/USD stays in a consolidation phase above 1.0700 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.