The meeting decisionMost members indicated that they would accept the proposed 25 bps rate hikeAlmost all members supported the 25 bps rate hikeECB communication should, however, convey a clear "directional bias"There was a strong preference against returning to...
US May Challenger layoffs 80.09k vs 66.99k prior
Prior 66.99kThat's now eleven months running that job cuts have exceeded the same month from a year ago and the increase in layoffs that we are seeing so far this year have been particularly notable. For some context, Q1 layoffs were already the highest since 2020 and...
Dollar pares early gains as the push and pull continues
It's a tough one to read, especially just a day after month-end trading. And when you throw in the sort of Fed comments that we got yesterday, it makes things even trickier at the moment.The dollar is now sitting lower against the likes of the euro, pound, franc and...
ECB’s Kazaks: It is hard to say where interest rates will peak
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OPEC+ not likely to deepen supply cuts at 4 June meeting – sources
This was very much expected already and is one reason why oil prices failed to gather much support in trading yesterday. According to one source:"At this precise time, no change for the meeting but as usual, depending on the mood of some, everything can...
ECB’s Lagarde: We need to continue with rate hikes
We cannot say yet that we are satisfied with the inflation outlookNeed to stick with rate hikes until we are sufficiently confident that inflation is on track to return to 2% target in a timely mannerInflation is too high and it is et to remain so for too longRate...
Not much change to ECB rates pricing after the CPI data
As things stand, the rates market is still seeing roughly 86% odds of the ECB raising rates by 25 bps in June. The remaining 14% odds are tied to a 50 bps move instead. This shows the market bias is more or less still seeing two more rate hikes by the ECB i.e. one in...
Eurozone April unemployment rate 6.5% vs 6.5% expected
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Eurozone May preliminary CPI +6.1% vs +6.3% y/y expected
Prior +7.0%Core CPI +5.3% vs +5.5% y/y expectedPrior +5.6%Euro area inflation drops by more than estimated (for both the headline and core readings) and that is a welcome relief for the ECB at least. Keep in mind though, that this is just one reading and it will take...
UK April mortgage approvals 48.69k vs 53.00k expected
Prior 52.01k; revised to 51.49kNet consumer credit £1.6 billion vs £1.5 billion expectedPrior £1.6 billionBorrowing of mortgage debt by UK individuals declined further to a record low, that is if you strip out the pandemic period, falling from net zero to £1.4 billion...
UK May final manufacturing PMI 47.1 vs 46.9 prelim
Prior 47.8A mild revision higher to the initial estimate but the headline reading is still a 4-month low. Output contracts once again with the fall in new orders and employment both accelerating. S&P Global notes that:“The UK manufacturing downturn deepened in...
Eurozone May final manufacturing PMI 44.8 vs 44.6 prelim
Prior 45.8Weak demand conditions are proving to be a real pain for euro area manufacturing as production and new orders both fall at their strongest rates in six months. The headline reading, although revised higher, is still a 36-month low. Ouch. HCOB notes...
Green Real Estate Project Qlindo Debuts on MEXC
In a defining moment for green real estate investment accessibility, Qlindo, the innovative project making waves in sustainable investing, announces its listing on the MEXC Exchange on May 31, 2023.Prior to this exciting development, Qlindo carved a niche of...
“Skip” talk not slowing the dollar down
The dollar saw a bit of a setback yesterday from this but is now regaining its momentum once again on the week. If there is takeaway from all this, it is that dollar bulls are certainly looking poised to keep pushing their agenda for now.EUR/USD is down 0.2% to 1.0663...
Germany May final manufacturing PMI 43.2 vs 42.9 prelim
Prior 44.5That's a mild improvement to the initial estimate as German manufacturing conditions slump further in May. An export-led decline in demand is to blame mostly with new orders now posting its fastest drop since November last year. HCOB notes that:MoneyMaker FX...
France May final manufacturing PMI 45.7 vs 46.1 prelim
Prior 45.6That's a lower revision than the initial estimate and still points to a notable contraction in manufacturing activity in France. Demand remains subdued as manufacturers are seen cutting purchases and inventories further on the month. HCOB notes...
Italy May manufacturing PMI 45.9 vs 45.6 expected
Prior 46.8The reading is a slight beat on estimates but is still lower than in April. Output and new orders continue to fall markedly and that is weighing on overall conditions. Of note, demand remains weak and that seems to be the case across the region. HCOB notes...
Switzerland May manufacturing PMI 43.2 vs 44.5 expected
> Switzerland May manufacturing PMI 43.2 vs 44.5 expected Latest data released by Procure - 1 June 2023 <!--> Justin Low Thursday, 01/06/2023 | 07:30 GMT-0 01/06/2023 | 07:30 GMT-0 --> <!--> Prior 45.3 ADVERTISEMENT - CONTINUE READING BELOW -->...
ECB’s de Guindos: Recent inflation data are positive but still far from target
A big part of our journey to raise rates has been doneBut there is still some way to goHe's offering a timely reminder for markets not to get too carried away even with lower headline annual inflation readings this week, and perhaps a slightly lower core annual...
Spain May manufacturing PMI 48.4 vs 47.8 expected
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