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  • Squawk / 1 hour ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    US new home sales, consumer confidence rise:

    Consumers in the world's largest economy are getting more upbeat about their situation, according to the Conference Board's May report. The headline confidence index rose to 95.4 from 94.3 (revised down from 95.2) beating expectations of 95. While the May report was better than expected, it is worth keeping in mind that the index stood at 103.8 back in January, so there is still some way to go before a new cyclical high is reached.

    In another report we learned that new home sales rose by 6.8% in April, faster than the 5% expected, resulting in 517,000 sales last month vs. 484,000 in March.

    Lastly, the Richmond Federal Reserve released its May manufacturing index, which printed 1 vs. 0 expected and -3 prior as new orders bounced back to 2 from -6 while shipments gained 5 points to -1.
    Read the Squawk
  • Calendar event / 1 hour ago

    US Consumer Confidence Index

    forecast
    actual
    Med Consumer Confidence Index
    95
    95.4
    Med Expectation Index
    86.9
    Med Present Situation Index
    108.1
  • Article / 2 hours ago

    What’s the target for USDJPY?

    Head of FX Strategy / Saxo Bank
    Denmark
    What’s the target for USDJPY?
    USDJPY has broken to a major new high and is trading at levels not seen since 2007. Where it goes from here may depend more on upcoming US data releases than anything else, unless we see a disruptive move in risk appetite in the days ahead.
    Read the article
    2h
    Martin O'Rourke Martin O'Rourke
    USDJPY is through 123 and is currently trading at 123.13 at 1306 GMT. It has been as high as 123.286.
  • Squawk / 2 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Solid US durable goods orders for April:

    A change in durable goods orders of -0.5% m/m for April does not sound very good, but beneath the headline - which was in line with expectations while March was revised to 5.1% from 4% - the numbers are better than expected. Durable goods orders outside the volatile transportation sector rose 0.5% vs. 0.3% expected in April while March was revised from -0.2% to 0.6%.

    Capital goods orders - a proxy for future investment spending in the GDP accounts - rose 1% vs. 0.3% expected while capital goods shipments - a proxy for present investment spending - rose 0.8% vs. 0.3% expected. Both were revised higher for March to 1.5% and 1% from -0.5% and -0.4% respectively.

    Despite the large upward revisions to March and generally better-than-expected figures for April, durable goods orders remain weak. Orders are down 6.8% in the last six months compared to the previous six, and flat 3m/3m. And it is the same when you exclude transportation at -2.8% ...
    Read the Squawk
    2h
    Mads Koefoed Mads Koefoed
    ... -1.5% respectively.

    Therefore the outlook for present quarter GDP growth remains muted based on available monthly indicators and we need to see a pick-up in data in...
    2h
    Mads Koefoed Mads Koefoed
    US house prices rose 1% in March according to the Case-Shiller 20-city composite index. This implies an (unchanged) annual rate of growth in house prices of 5%...
    1h
    Mads Koefoed Mads Koefoed
    US Services PMI prints 56.4 in May according to Markit's preliminary estimate vs. 56.5 expected and 57.4. The composite PMI hits 56.1 vs. 57 a month ago....
  • Editor’s Picks / 4 hours ago

    Modri ahead of the curve...just

    BBC
    If the opinion polls are to be believed, then Indians are relatively happy with Narendra Modri's first year in power giving the incumbent a 74% mandate to carry on. Nevertheless, if Modri is to make good his pledges to bring "better times" to India, there is much work to do and he cannot necessarily rely on the luck that has helped see him through his first 12 months on the back of lower oil prices which has helped him to curb inflation and contain the fiscal deficit. If he can address the corruption that has been all too prevalent in Indian business and political circles. then we really might be looking at a game-changing regime. But the economy is still Modri's achilles' heel and with some 13 million Indians annually looking for work, this is the key area in which he has to deliver.
    Read article on BBC
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  • Calendar event / 6 hours ago

    ZA GDP

    forecast
    actual
    Low GDP, Q/Q
    +1.3%
  • 2h
    Martin O'Rourke Martin O'Rourke
    USDJPY is through 123 and is currently trading at 123.13 at 1306 GMT. It has been as high as 123.286.
    2h
    Martin O'Rourke Martin O'Rourke
    John J Hardy, our head of forex strategy, gives his latest on USDJPY here. https://www.tradingfloor.com/posts/whats-the-target-for-usdjpy-4942027
    2h
    Martin O'Rourke Martin O'Rourke
    EURUSD meanwhile seems to be consolidating in a 1.0905-15 zone at 1316 GMT.