BOE leaves bank rate unchanged at 3.75% in April meeting, as expected Dollar slides across the board after USD/JPY selling hits USD/JPY tumbles further after intervention warning earlier Tokyo officials give currency traders one final offramp BoE preview: will the central bank…
BOE leaves bank rate unchanged at 3.75% in April meeting, as expected Dollar slides across the board after USD/JPY selling hits USD/JPY tumbles further after intervention warning earlier Tokyo officials give currency traders one final offramp BoE preview: will the central bank make another step towards a rate hike? Italy April preliminary CPI +2.8% vs +2.6% y/y expected Eurozone April preliminary CPI +3.0% vs +2.9% y/y expected Eurozone Q1 preliminary GDP +0.1% vs +0.2% q/q expected The ECB is stuck between a rock and a hard place Japan’s top currency diplomat issues final warning before action in FX market Italy Q1 preliminary GDP +0.2% vs +0.1% q/q expected Japan’s Katayama: We are getting closer to taking decisive step in FX market Germany Q1 preliminary GDP +0.3% vs +0.2% q/q expected Germany April unemployment change 20k vs 4k expected ECB preview: a hawkish hold is expected but there’s risk of a disappointment Spain Q1 preliminary GDP +0.6% vs +0.5% q/q expected French inflation continues to pick up in April to highest since July last year What are the main events for today?
FX option expiries for 30 April 10am New York cut Germany March retail sales -2.0% vs -0.1% m/m expected Germany March import prices +3.6% vs +3.0% m/m expected France Q1 preliminary GDP 0.0% vs +0.2% q/q expected Morgan Stanley scraps call for Fed rate cuts this year Japan reportedly mulls bringing back energy subsidies this summer It’s been a hell of a session today with lots of economic data, yen intervention and the BoE rate decision. Let’s start with the most important economic data. The Eurozone Q1 GDP missed forecasts coming in at 0.1% vs 0.2% expected.
The growth impulse has been pointing more towards a neutral stance for the ECB with a slightly hawkish bias in case the war drags on for several more months. Bear in mind that GDP is expected to contract further in Q2 if the war extends into summer. At the same time of the Eurozone GDP, we got the Eurozone Flash CPI report….