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US Open Preview – Pound erases gains as wage growth disappoints
April 17, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: US industrial production to ease; Abe flies to meet Trump
In the US, building permits and housing starts are scheduled for release at 1230 GMT, with both indicators expected to slightly improve in March, though industrial production due at 1315 GMT could attract more attention. Particularly, analysts expect that American factories have slowed down production in March, with the output growing by 0.4% on a monthly basis compared to 0.9% in February. Manufacturing output, a subset of industrial production, will also be eyed.
In Canada, investors will be taking a look at February’s manufacturing sales due at 1230 GMT which are projected to expand by 1.0% m/m following two consecutive months of declines. A few hours later at 2030 GMT, the focus will turn to the API weekly oil report for the week ending April 13; this might also affect the loonie as Canada is a major oil exporter.
Elsewhere, an update on global dairy prices published at a tentative time will be in focus for the New Zealand dollar (Reuters projects the report to come out around 1200 GMT). Note that the global dairy trade price index was on the backfoot the past six weeks. Should the measure stretch its negative pattern, the kiwi could face additional pressure.
In Japan, trade data will be under the spotlight at 2350 GMT, anticipated to indicate a wider trade surplus in March. Forecasts are for exports to pick up by 4.7% y/y, surpassing February’s growth mark of 1.8% which was the lowest in a year, while imports are projected to post a single-digit expansion of 5.4% for the first time since February 2017. Meanwhile, the Japanese Prime Minister, Shinzo Abe, will be holding a two-day meeting with the US President, Donald Trump, in Florida starting today. Discussions are likely to revolve around trade and North Korea ahead of a crucial summit between Trump and the North Korean leader, Kim Yong Un, in late May or early June. Abe, who has met with Trump on six other occasions already, more than any other leader, might attempt to ensure that the US and Japan are on the same page regarding North Korea’s nuclear program. Moreover, on the trade front, he could negotiate an alternative trade deal with the US as a bilateral partnership seems to be not in his interests. Note that Japan failed to receive an import tariff exemption from the US on aluminum and steel.
In terms of public speeches, it will be a busy day for FOMC speakers, with John Williams (voter), Randal Quarles (permanent-voter), Patrick Harker (non-voter) and Charles Evans (non-voter) delivering comments at 1315 GMT, 1400 GMT, 1500 GMT and 1740 GMT respectively.
In equity markets, Goldman Sachs and Johnson & Johnson will be among companies to report quarterly earnings before the US market open.
Developments in Syria will continue to attract interest, as investors are waiting to see how the US and its allies will act from now on following Saturday’s strike.
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