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Mixed May Indicators
Preliminary May indicators confirm uneven Eurozone growth and support Bank of Japan easing. Eurozone disappoints. Flash PMIs continue to affirm a slowing Eurozone economy. Services, manufacturing, and composite PMIs fell below expectations in May, causing slight euro depreciation on Monday. Recently approved austerity measures in Greece underscore lingering Eurozone headwinds. However, German and French PMIs exceeded market expectations. Furthermore, Eurozone consumer confidence ..
What To Watch This Week
Developed Markets Eurozone and U.S. PMI: Preliminary manufacturing, services, and composite PMI data for May will be released this week for the U.S. and Eurozone. Eurozone manufacturing data exceeded expectations in April, but was offset by weak services performance. In the wake of poor quarter one growth, May's PMI data will elucidate the ..
Bank Indonesia Retains Easing Bias
Bank Indonesia keeps rates unchanged, but is poised to keep easing. What did Bank Indonesia do? Retained policy. Concurrent with the government's push for fiscal stimulus, President Joko Widodo has called for monetary easing to combat Indonesia's slowing growth. After cutting rates three times this year, Bank Indonesia retained policy at 6.75% on Thursday. Indonesia's aggressive policy stance has made the rupiah ..
Easy Expectations Loom Over Fed and BoE
Hawkish Fed language finally moves markets, but easy expectations prevail over major central banks. Fed puts June on the table. Expectations for a June rate hike doubled on Wednesday following the release of the FOMC's April meeting minutes. Despite firming economic indicators, market expectations for a summer rate hike dropped markedly over the past several months. This drop ..
Political Turmoil Pressures SARB
Political upheaval in South Africa renews headwinds for monetary policy. What is happening in South Africa? Politics undermine confidence. The potential arrest of Pravin Gordhan, South Africa's Finance Minister, caused the rand to depreciate nearly 2% on Monday. Godhan's possible arrest adds to South Africa's recent political woes; in December, the government cycled through three ..
Thailand Waits for Fiscal Stimulus
The Central Bank of Thailand is the latest emerging market to retain monetary policy as it awaits fiscal stimulus. What is happening in Thailand? Monetary policy on hold. The Thai economy faces decelerating growth and low inflation. The slowdown in global growth -- especially in China -- has weighed on Thai exports, ..
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