13 May 2015
Key Events comign up - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank noted the key events taking place later today.
Key Quotes:
"We get a slew of Chinese data including retail sales(consensus: 10.4% YoY), industrial production(consensus: 6.0% YoY); and fixed investment (consensus: 13.5% YoY). All of them disappointed to the downside last month, but given that the Chinese equity market continues to reach for the stars, perhaps we will see a bounce-back in April data that will temporarily justify some of Mr. Hockey’s optimism?"
"After that it is Q1 German GDP, which is expected 0.5% QoQ and 1.2% YoY, both lower than in Q4 2014, which may impact on EUR/USD if off consensus. We then have the overall Eurozone Q1 GDP print, expected at 0.4% QoQ and 1.0% YoY – so a slight improvement but regrettably still very much in the kind of range that could be called “Japanese”."
"In the UK we see unemployment and average earnings(consensus: -20K and 2.1% YoY excluding bonuses). That will be followed later by the BOE Inflation Report, presented by Governor Carney. Given GBP has rallied significantly since last week’s election, this will either prove a platform for further gains, or offer an opportunity to take profits, depending on his message."
"In the US the key release today is retail sales for April (consensus: 0.2% MoM and 0.6% ex autos and gasoline). Notably, we saw a bounce in spending last month after surprising weakness in the previous few prints, and the surge in imports in the March trade data suggest risks of a potential upside surprise today. If that is the case then we may once again be back to a bond sell-off and a stronger USD. Yet most importantly, we are contrasting Chinese with US consumers: at least one set needs be seeing an uptrend in activity for the global economy to hedge its growth bets."
Key Quotes:
"We get a slew of Chinese data including retail sales(consensus: 10.4% YoY), industrial production(consensus: 6.0% YoY); and fixed investment (consensus: 13.5% YoY). All of them disappointed to the downside last month, but given that the Chinese equity market continues to reach for the stars, perhaps we will see a bounce-back in April data that will temporarily justify some of Mr. Hockey’s optimism?"
"After that it is Q1 German GDP, which is expected 0.5% QoQ and 1.2% YoY, both lower than in Q4 2014, which may impact on EUR/USD if off consensus. We then have the overall Eurozone Q1 GDP print, expected at 0.4% QoQ and 1.0% YoY – so a slight improvement but regrettably still very much in the kind of range that could be called “Japanese”."
"In the UK we see unemployment and average earnings(consensus: -20K and 2.1% YoY excluding bonuses). That will be followed later by the BOE Inflation Report, presented by Governor Carney. Given GBP has rallied significantly since last week’s election, this will either prove a platform for further gains, or offer an opportunity to take profits, depending on his message."
"In the US the key release today is retail sales for April (consensus: 0.2% MoM and 0.6% ex autos and gasoline). Notably, we saw a bounce in spending last month after surprising weakness in the previous few prints, and the surge in imports in the March trade data suggest risks of a potential upside surprise today. If that is the case then we may once again be back to a bond sell-off and a stronger USD. Yet most importantly, we are contrasting Chinese with US consumers: at least one set needs be seeing an uptrend in activity for the global economy to hedge its growth bets."