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Narrow Ranges On Thursday With Central Bank Speakers In Focus

EMERGING MARKETS
  • Treasury Secretary Janet Yellen said the Biden administration was prepared to accept economic costs as it sought to protect US national security interests from threats posed by China, even as she appealed to Beijing to cooperate on shared global concerns.
  • Weekly jobless claims data are the highlights of the data calendar, although the Philly Fed Business Survey could draw focus. Existing home sales data are expected to show near-term fragility in the housing market, although Eurozone consumer confidence is seen improving on the margin.
  • Central bank speak is thick and fast Thursday, with no fewer than 6 ECB speakers, 5 Fed speakers, 2 from the Bank of Canada and a BoE MPC member on the docket. Of the lot, most focus will likely be paid to Fed's Logan, a voter and neutral member of the FOMC, and ECB's Holzmann, who will likely retain the recent hawkish tilt.
  • Worth noting that NZD sits at the bottom end of the G10 currency pile, as a soft CPI release overnight drove market-implied expectations for monetary policy notably lower. Q1 CPI slowed to 1.2% against expectations of a 1.5% print, helping prompt a number of sell-side outfits to redraw expectations around the May interest rate hike possibly being the last in the cycle.
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