NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

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MNI China Daily Summary: Tuesday, April 30

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BoE Data Watch

RBA Data Watch

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Equity Risk-Off Fades as Stocks Bounce

FOREX
  • Equity futures across both the US and Europe traded lower in early European hours, with the EuroStoxx future dropping to new weekly lows and exposing the bear trigger at 3384.00. The price action soon reversed, however, with most futures markets well off the lows headed into the NY crossover.
  • Nonetheless, the JPY is still comfortably the best performer Friday, with USD/JPY's retracement putting the pair briefly back below the Y135.00 handle. The pair has bounced alongside equities, but the price action this week underlines that two-way price action has returned to the pair after a lengthy uptrend.
  • Eurozone CPI data came in just ahead of expectations at 8.6% Y/Y, however core inflation came in below forecast at 3.7% - making for a broadly market-neutral release. The EUR is in minor negative territory against the USD, with the greenback benefiting from the early equity weakness.
  • Focus turns to the June manufacturing ISM release as well as a series of ECB speakers, with ECB's Panetta and de Cos both due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesCommodities Market News

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