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Corrective Pullback


EGB Supply For W/C May 9, 2022 (2/2) - Upcoming

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FOREX: The rhetoric in the FOMC's Sep MonPol meeting mins allowed the DXY to
move to a fresh session high on Weds, with the USD already running higher into
the release. Mins highlights: many project above-neutral rates, need for
temporary restrictive policy, the removal of 'accommodative' is not a signal of
policy change while tariffs & trade uncertainty pose downside risks. Preference
for gradual hikes remained.
- The latest semi-annual U.S. Tsy FX report failed to name China as FX
manipulator, although it produced elongated communication surrounding
CNY/China... perhaps a final warning?
- Softer than exp. UK CPI dogged GBP ahead of the Brexit summit between EU
leaders & UK PM May. The recent impasse continued, with questions surrounding
the likelihood of a Nov summit as no new ideas emerged re: the long held issues.
- CAD & NOK came under pressure as oil fell. NZD/USD faltered around $0.6600, as
the rate failed above the figure, last $0.6540 as USD strength weighed.
- Australian employment & UK retail sales hit Thurs, as does the BOK MonPol
decision & speeches from BoJ Gov Kuroda, ECB's Nowotny, Fed's Bullard & Quarles.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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