As suggested in the CFTC Commitments of Traders report in the week ended May 26, NET LENGTH in USD Index dropped -2 498 contracts to 14 799. Speculative long positions decreased -3 476 contracts and short positions were down...
According to the CFTC Commitments of Traders report for the week ended May 26, NET LENGTH for crude oil futures dropped -1 029 contracts to 542 574 for the week. Speculative long positions gained +9 217 contracts while shorts...
U.S. Review
The U.S. Economy Appears to Have Bottomed in April
The beginning of this week saw some optimism that the economic downturn could be relatively short-lived, but data through the rest of the week provided grim reminder of the...
U.S. Highlights
Optimism on economic recovery and new fiscal stimulus measures lifted equity markets this week.
Economic data continued to show the plunge in activity due to lockdown. Real personal spending was down 13.2% in April and close to...
This week’s data gave us a better understanding of the scale of economic contraction in April when COVID-19 containment measures were at their height. StatCan’s “nowcast” of April GDP showed an 11% month-over-month decline on top of March’s 7.2%...
Two major themes continued to stand out this week: the first is that global stimulus continues to pour into the world economy in response to the slowdown because of the coronavirus. Japan approved a JPY 177 trillion supplemental budget...
The next OPEC meeting is just around the corner and the wrangling between Saudi Arabia, OPEC and Russia over production levels has started again. Russia and Saudi Arabia are finding themselves yet again at loggerheads and while Saudi Arabia...
It was a busy day on the economic data front, Wholesale Inventories rose 0.4% on month in the April preliminary reading (-0.7% expected), from a revised -1.0% in March final reading. Personal Income jumped 10.5% on month in April...
The Reserve Bank of Australia is scheduled to hold a policy meeting on Tuesday with an announcement expected at 05:30 GMT. A day later, the GDP growth estimate for the first quarter is due at 01:30 GMT, making it...
The coming week is action-packed, with three central bank meetings, the resumption of critical Brexit talks, and the release of the US jobs report. The ECB looks primed to expand its QE program but paradoxically, that may not hurt...
What might have been a decent start to the year was not to be. Although it came in the final few weeks of the quarter, the impact of the pandemic was already enough to drive a 8.2% (annualized)...
GDP declined 7.2% in March and 8.2% (annualized rate) in Q1
Advance April GDP estimate at -11%
Two-month drop 3 1/2 times cumulative GDP decline in 2008/09
Better news expected going forward - April potentially the trough of...
Markets are in mild risk off mode before weekly close, awaiting US President Donald Trump's "interesting" and "powerful" measures on China. Though, this time, Euro is boosted as the strongest one, followed by Yen. Dollar and Swiss Franc are...
Canada GDP tumbled a massive -7.2% mom in March, but was better than expectation of -9.0% mom. Overall, 19 of the 20 industrial sectors were down, contributing the monthly decline. StatCan also said that preliminary information indicates a further...
US personal income grew 10.5% mom, or USD 1.97T in April, versus expectation of -7.0% mom decline. Spending, on the other hand, dropped -13.6% mom, or USD 1.89T, worse than expectation of -12.6% mom. Headline PCE price index slowed...
We're seeing a far more cautious tone at the end of the week as deteriorating relations between the US and China weigh on sentiment.
Trump is due to hold a press conference on China today, which will likely involve laying...
After managing to hold the key support area around $1700 on Wednesday, gold has managed to a climb higher over the past couple of days. The precious metal has been boosted by several factors. First, because of a falling...
EURGBP surged towards a fresh two-month high of 0.9055 earlier today after picking up momentum above the 0.9000 resistance. Meanwhile, in technical indicators, the RSI is hovering in overbought zone, while the blue %K line of the stochastic oscillator...
The Euro broke above 1.11 barrier, in extension of strong four-day rally and hit new two-month high at 1.1138 on Friday. Weak dollar and fresh optimism that post-pandemic recovery will pick up, continue to boost risk mode and push...
We expect RBA to leave its monetary policy measures unchanged in June. Governor Philip Lowe appeared cautiously optimistic about domestic economic outlook. We expect the central bank will deliver a more upbeat economic outlook while pledge to leave the...