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Macro Roundup (May 10)
2023-5-10
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth.
The euro dipped 0.41% to $1.0961. The Japanese yen was last seen trading at 135.20 per dollar, with Bank of Japan (BOJ) Governor Kazuo Ueda signalling that the central bank may end its yield curve control policy and start shrinking its balance sheet.
Chinese imports contracted sharply in April from a year earlier while exports grew more slowly than in March, which had a limited impact on currencies, but contributed to risk-off moves broadly across markets.
The dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth.
Chinese imports contracted sharply in April from a year earlier while exports grew more slowly than in March, which had a limited impact on currencies, but contributed to risk-off moves broadly across markets.
The Fed’s quarterly survey of bank loan officers released on Monday showed that credit conditions for U.S. businesses and households continued to tighten at the start of the year, most likely due to interest rate hikes.
Stock futures were flat in overnight trading as Wall Street braced for a key inflation report.
Futures tied to the Dow Jones Industrial Average added 7 points, while S&P 500 futures and Nasdaq-100 futures inched slightly higher.
Wall Street monitored the latest updates on the U.S. debt ceiling as worries mount that failing to reach a resolution before the June 1 deadline could lead to default.
Investors are bracing for April’s consumer price index due out Wednesday, an important inflation gauge that should offer greater insight into whether the Federal Reserve’s rate hikes are working to ease sticky prices. Analysts polled by Dow Jones are calling for a 0.4% month-over-month increase in inflation and 5% rise from a year ago.
Major averages finished Tuesday’s regular session lower, with the S&P 500 and Nasdaq Composite falling 0.46% and 0.63%, respectively. The Dow Jones Industrial Average declined 0.17%.
Oil prices edged higher on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government’s plans to refill the nation’s emergency oil reserve and anticipated higher seasonal demand.
Brent crude was up 22 cents, or 0.3%, at $77.23 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 33 cents, or 0.5%, to $73.49.
Gold gained on Tuesday as investors sought cover from economic uncertainty while also positioning for the U.S. inflation print for cues on the trajectory of interest rates.
Spot gold was up 0.7% at $2,034.43 per ounce, while U.S. gold futures settled 0.4% higher at $2,042.20.
European markets closed lower Tuesday, as U.K. financial markets reopened after a public holiday.
The pan-European Stoxx 600 index ended the session 0.42% lower provisionally, slightly trimming earlier losses, with sectors mostly in negative territory.
The U.S. dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth.
The euro dipped 0.41% to $1.0961. The Japanese yen was last seen trading at 135.20 per dollar, with Bank of Japan (BOJ) Governor Kazuo Ueda signalling that the central bank may end its yield curve control policy and start shrinking its balance sheet.
Chinese imports contracted sharply in April from a year earlier while exports grew more slowly than in March, which had a limited impact on currencies, but contributed to risk-off moves broadly across markets.
The dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth.
Chinese imports contracted sharply in April from a year earlier while exports grew more slowly than in March, which had a limited impact on currencies, but contributed to risk-off moves broadly across markets.
The Fed’s quarterly survey of bank loan officers released on Monday showed that credit conditions for U.S. businesses and households continued to tighten at the start of the year, most likely due to interest rate hikes.
Stock futures were flat in overnight trading as Wall Street braced for a key inflation report.
Futures tied to the Dow Jones Industrial Average added 7 points, while S&P 500 futures and Nasdaq-100 futures inched slightly higher.
Wall Street monitored the latest updates on the U.S. debt ceiling as worries mount that failing to reach a resolution before the June 1 deadline could lead to default.
Investors are bracing for April’s consumer price index due out Wednesday, an important inflation gauge that should offer greater insight into whether the Federal Reserve’s rate hikes are working to ease sticky prices. Analysts polled by Dow Jones are calling for a 0.4% month-over-month increase in inflation and 5% rise from a year ago.
Major averages finished Tuesday’s regular session lower, with the S&P 500 and Nasdaq Composite falling 0.46% and 0.63%, respectively. The Dow Jones Industrial Average declined 0.17%.
Oil prices edged higher on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government’s plans to refill the nation’s emergency oil reserve and anticipated higher seasonal demand.
Brent crude was up 22 cents, or 0.3%, at $77.23 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 33 cents, or 0.5%, to $73.49.
Gold gained on Tuesday as investors sought cover from economic uncertainty while also positioning for the U.S. inflation print for cues on the trajectory of interest rates.
Spot gold was up 0.7% at $2,034.43 per ounce, while U.S. gold futures settled 0.4% higher at $2,042.20.
European markets closed lower Tuesday, as U.K. financial markets reopened after a public holiday.
The pan-European Stoxx 600 index ended the session 0.42% lower provisionally, slightly trimming earlier losses, with sectors mostly in negative territory.
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