by Tyler Durden
Monday, May 17, 2021 - 09:40 AM
Looking forward at the coming relatively quiet week, the flash PMIs for May (Friday) will be the data highlight but - as DB s Jim Reid notes -
it’s tough to know what they’ll tell us that we don’t already know. Having said that, as we noted previously Deutsche Bank s equity strategist Binky Chadha has previously said that they’ll likely be an equity correction once the ISM rolls over from its current lofty peaks even as growth stays strong.
The ISM has fallen for one month from its peak so it’ll be interesting to see what the flash PMI shows as a guide. April’s composite number was the highest on record at 63.5. The Euro Area composite PMI was at 53.8, the highest since July.
A Peek Into The Markets: US Stock Futures Down Following Last Week s Sell-Off
benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
GBP/USD Has Benefited From The UK Reopening And Favorable Data
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ChinaFed rhetoric restrains dollar as traders eye inflation
Tom Westbrook
4 minute read
The U.S. dollar hovered near its lowest levels of the year on Wednesday as traders hung on to bets that the Federal Reserve would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation.
Analysts forecast figures due at 1230 GMT to show a 3.6% lift in year-on-year prices, boosted by last April s low base. The month-on-month forecast is for a modest 0.2% rise.
Higher numbers might add pressure on the Fed to bring forward rate rises, a worry which has contributed to a selloff in rate-sensitive tech shares this week. But currency markets have been soothed by repeated promises of patience from Fed speakers and the dollar has been pressured by gains in commodity currencies.