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MarketPulse - The Beat of the Global Markets - Economy
9 | Follower
Canadian dollar in holding pattern on election day
Canadians go to the polls today. The Liberals under Prime Minister Mark Carney are expected to win a majority government but a surprise result could affect the direction of the Canadian dollar. Canada's retail sales declined in February but rebounded in March.
UK retail sales beats forecast, pound edges lower
UK retail sales were stronger than expected, with an increase of 0.4% m/m in March. Still, UK consumer confidence worsened in April as consumers are anxious about the cost of living and worsening global trade tensions. In the US, UoM consumer inflation expectations is expected to jump to 6.7%, up from 5.0% a month earlier.
Japanese yen rebounds after corporate service inflation beats estimate
The yen has posted gains on Thursday after sharp losses a day earlier. Japan will release Tokyo Core CPI on Friday, which is expected to jump to 3.2% from 2.4%. The US dollar posted sharp gains on Wednesday after President Trump said US tarriffs would be reduced against China.
Yen loses ground as Tokyo core cpi hits 2-year high
Tokyo Core CPI surged to 3.4%, up sharply from 2.4% a month earlier. The BoJ is expected to hold rates in May, with a rate hike expected in June or July. The UoM consumer inflation expectations index is expected to hit 6.7%, up from 5% in the previous release.
British PMIs slip, Trump says won't fire Powell
UK services and manufacuturing PMIs fell into contraction territory, underscoring the weak UK economy. Equity markets have climbed today after President Trump said he did not intend to fire Fed Reserve Chair Powell and said that tariffs on China would be lowered substantially.
Asia Mid-Session Bell: “US-China de-escalation” optimism sparked a relief risk appetite revival
Short-term risk appetite revival in the global markets with major stock indices joining in a rally led by the US S&P 500, and Nasdaq 100, US Dollar Index bounced from three-year low, and Gold took a beat seat due to profit taking activities.
Euro hits 35-year high, ECB closing in on inflation target
ECB member Peter Kazimir said on Tuesday that he expected the ECB to achieve its 2% inflation target in the next few months. Kazimir cautioned against projecting where monetary policy was headed because of volatile conditions in the market. US President Trump has intensified his attack on Fed Chair Powell, which has weighed on the equity markets.
Asia Opening Bell: Sell-off in US stocks hit short-term oversold conditions, relief corrective bounce seen in US indices futures, while Gold extended gains
The dollar and Treasuries have failed to act as traditional safe havens during periods of risk-off sentiment, instead behaving more like emerging market assets. Hong Kong stock market reopened after a two-day Easter break, playing catch-up to global weakness. The Hang Seng Index is down 0.7% intraday.
Yen surges to five month high as us dollar under pressure
The Japanese yen is sharply higher on Monday, as the US dollar has retreated against the major currencies. The dollar's decline follows renewed attacks by President Trump on Fed Chair Powell for not lowering interest rates. Last week, Powell said US tariffs would raise inflation. This will make complicate Fed plans to lower interest rates.
Australian dollar climbs, China holds key lending rates
The Australian dollar has posted sharp gains on Monday. The US dollar has retreated against the majors after President Trump threatened to fire Fed Chair Powell. China's central bank held key lending rates, reflecting strong economic data in April.
Asia Mid-Session Bell: Risk-off coupled with renewed US dollar weakness as Trump reasserts threat to remove Fed Chair Powell
The US dollar sold off together with the S&P 500, and Nasdaq 100 E-mini futures while Gold (XAU/USD) skyrocketed to another fresh intraday all time high of $3,385 over Trump's threat on Fed's independence.
New Zealand inflation higher than expected, New Zealand dollar hits five-month high but reverses
New Zealand's infation rate rose to 2.2% y/y in Q1 of 2025, up from 2.3% and higher than expected. Despite the increase, the Reserve Bank is expected to lower rates at the May meeting, as concerns remain over US tariff policy which could dampen New Zealand's economy.
Asia Opening Bell: Minor relief rebound in stock indices after Trump touted “big progress” in US-Japan trade talks
Relief rebound in Asian stock indices after yesterday's sell-off in major US stock indices, TSMC earnings will be the key focus to determine whether initial risk-on sentiment can prevail.