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US Open Preview – Dollar posts fresh high as long-term Treasury yields flirt with 3.0%; European stocks down
April 23, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: US flash PMIs and existing home sales in the calendar; Australian CPI in focus
Monday will be a relatively quiet day ahead of a week featuring central bank meetings, important data releases, and possibly developments on the geopolitical front.
The day continues with the Canadian wholesale sales for the month of February scheduled for release at 1230 GMT.
The US will see the release of April’s preliminary PMIs out of Markit at 1345 GMT, with analysts expecting the manufacturing PMI to tick marginally lower to 55.0 compared to 55.6 seen in March, while the composite index is anticipated to inch higher by 1.1 points to 55.3.
Remaining in the US, at 1400 GMT, existing home sales data for the month of March will be attracting interest. Growth in sales is said to have slowed down from 3.0% m/m to 0.2%.
Turning to today’s public appearances, European Central Bank Executive Board member Benoit Coeure will be speaking at a conference at 1400 GMT. Later at 1930 GMT, Bank of Canada Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins will be making comments in front of the House of Commons Standing Committee on Finance, while at 2200 GMT a speech by RBA Assistant Governor Christopher Kent will be in focus.
During Tuesday’s early Asian session, the Australian Bureau of Statistics will deliver data on consumer prices (0130 GMT). Forecasts are for the headline CPI to rise by 2.0% y/y in the first quarter of 2018 from the 1.9% seen in the previous quarter, probably due to seasonal effects. The core measures however, which are closely watched by the RBA, are projected to remain on average slightly below the central bank’s inflation target range of 2-3.0%, signaling that a rate hike is not likely to happen anytime soon, as subdued wage growth and high debt levels continue to hang in the background.
Should inflation numbers surprise to the upside, bringing some relief to RBA policymakers, the Australian dollar could recoup losses made the past couple of days. On the other hand, disappointing prints could push the currency to fresh lows.
In stock markets, Google-parent Alphabet will be releasing quarterly results today after the US market close.
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