News

Euro: Limited upside versus US Dollar as Fed shifts weigh – Danske Bank

Danske Bank’s Danske Research Team notes that EUR/USD has seen only a modest move higher, with the pair holding just above 1.16 despite falling global yields.

Source  Fxstreet1779354677

Spain 5-y Bond Auction increased to 2.959% from previous 2.911%

Source  Fxstreet1779353773
French business activity hits lowest level in more than five years as Oil shock widens

France's private-sector activity took a deep hit in May, according to preliminary data from S&P Global, suggesting that the surge in Oil prices has hit households and businesses hard in the Eurozone's second-largest economy.

Source  Fxstreet1779353471
Iran is responding to a text sent by the US

According to Iran’s Iranian Students News Agency (ISNA), Iran is responding to a text sent by the United States (US). The agency has also reported that the visit of Pakistan's army chief to Tehran is in order to minimize the gaps and reach an official announcement of agreement.

Source  Fxstreet1779353457
United Kingdom flash Services PMI unexpectedly declines to 47.9 in May

The United Kingdom (UK) S&P Global Composite Purchasing Managers' Index (PMI) surprisingly declined in May. The Composite PMI has come in at 48.5, a figure below 50.0 is considered a contraction in the business activity.

Source  Fxstreet1779352514
Equities: Tech-led rebound extends with Nvidia in focus – Deutsche Bank

Deutsche Bank analysts note the tech-led equity rebound extended into Asia, with the KOSPI and Nikkei sharply higher after Nvidia’s results drew a muted share reaction despite 85% yoy sales growth and stronger-than-expected guidance.

Source  Fxstreet1779352394

United Kingdom S&P Global Services PMI came in at 47.9, below expectations (51.8) in May

Source  Fxstreet1779352201

United Kingdom S&P Global Manufacturing PMI registered at 53.7 above expectations (53) in May

Source  Fxstreet1779352201

United Kingdom S&P Global Composite PMI below forecasts (51.7) in May: Actual (48.5)

Source  Fxstreet1779352201
Australian Dollar: RBA comforted by softer data – Standard Chartered

Standard Chartered’s Nicholas Chia argues that softer Australian labour data and activity indicators support the view that the Reserve Bank of Australia has likely peaked its cash rate at 4.35%.

Source  Fxstreet1779350825
Eurozone flash Manufacturing PMI expands moderately to 51.4 in May vs. 51.9 estimates

Eurozone's preliminary HCOB Composite PMI deteriorates further in May. The Composite PMI arrives lower at 47.5, while it was expected to remain steady at 48.8. A figure below 50.0 is considered a contraction in the business activity.

Source  Fxstreet1779350656

Eurozone Current Account n.s.a increased to €24.1B in March from previous €21.1B

Source  Fxstreet1779350449

Eurozone Current Account s.a came in at €14.9B below forecasts (€25.3B) in March

Source  Fxstreet1779350446
Germany’s flash Manufacturing PMI unexpectedly declines to 49.9 vs. 51.0 estimates

German flash HCOB Composite PMI improves to 48.6 in May, while it was expected to remain steady at 48.4. However, a figure below 50.0 is considered a contraction in the overall business activity.

Source  Fxstreet1779348909
British Pound: Limited upside against US Dollar within range – UOB

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann report that GBP/USD volatility exceeded expectations, with the pair swinging between 1.3376 and 1.3463.

Source  Fxstreet1779347400
Indonesian Rupiah: Supported after jumbo BI hike – MUFG

MUFG’s Michael Wan highlights that Bank Indonesia (BI) surprised markets by raising the BI-Rate 50 basis points to 5.25%, the first hike since April 2024 and first 50bp move since November 2022.

Source  Fxstreet1779346804
Equities: Risk-on rotation with Iran peace hopes – Danske Bank

Danske Research Team reports a strong risk-on session in equities, driven by optimism around a possible US–Iran deal and lower Oil prices. Cyclical growth and momentum outperformed, while defensives and energy lagged.

Source  Fxstreet1779346045
Forex Today: Focus shifts to US-Iran talks, PMI data from major economies

Here is what you need to know on Thursday, May 21:

Source  Fxstreet1779345674

Switzerland Industrial Production (YoY) below forecasts (0.5%) in 1Q: Actual (-7.1%)

Source  Fxstreet1779345000
Euro: Downside focus against US Dollar tempered by rebound – UOB

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann maintain a cautious stance on EUR/USD after a dip to 1.1582 was followed by a strong rebound to 1.1644.

Source  Fxstreet1779344457
BoJ’s Koeda: Appropriate to deal with inflation with monetary policy

Bank of Japan (BoJ) Policy Board Member Junko Koeda said that it’s appropriate to deal with inflation with monetary policy, but there is some time before the June policy meeting, so the central bank will continue to look at any change in balance between price and growth risks, Reuters reported on Th

Source  Fxstreet1779342198

India HSBC Manufacturing PMI dipped from previous 54.7 to 54.3 in May

Source  Fxstreet1779340527

India HSBC Services PMI climbed from previous 58.8 to 58.9 in May

Source  Fxstreet1779340493
ECB’s Rehn: Raising rates may be needed in adverse scenario to maintain credibility

European Central Bank (ECB) official and Finnish Central Bank Governor Olli Rehn said that under adverse circumstances, it might be necessary to raise interest rates to maintain credibility, Reuters reported on Thursday.

Source  Fxstreet1779340488

India HSBC Composite PMI: 58.1 (May) vs previous 58.2

Source  Fxstreet1779340486
New Zealand Dollar weakens despite stronger Trade Balance data

NZD/USD depreciates after registering 0.62% gains in the previous day, trading around 0.5860 during the Asian hours on Thursday.

Source  Fxstreet1779340453
54.3: India's HSBC Manufacturing PMI declines in May

The preliminary reading of India’s HSBC Manufacturing Purchasing Managers Index (PMI) declines to 54.3 in May versus 54.7 prior, the latest data published by S&P Global and HSBC Bank showed on Thursday.

Source  Fxstreet1779339758

Netherlands, The Consumer Confidence Adj: -46 (May) vs previous -44

Source  Fxstreet1779337802

Netherlands, The Unemployment Rate s.a (3M): 3.9% (April) vs previous 4%

Source  Fxstreet1779337801
Australian Dollar remains subdued against Japanese Yen following labor data

AUD/JPY inches lower after registering over 0.5% gains in the previous day, trading around 113.60 during the Asian hours on Thursday. The currency cross remains subdued following the release of Australia’s labor market data.

Source  Fxstreet1779328177
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