Morning Market Update – Yen Gaining Some Momentum

So Far

Dallas Fed’s President Robert Kaplan mentioned there economic is growing faster than expected and could lead to rate hikes.

New Zealand Electronic Card Retail Sales (MoM) up to 1.1% in April from previous -0.3%

New Zealand Electronic Card Retail Sales (YoY) fell from previous 5.6% to 4.5% in April

China’s Consumer Price Index (MoM) (April) came at 0.1% vs 0% expected, while Consumer Price Index (YoY) (April) was 1.2% vs 1.1% expected.

Meanwhile, China’s Producer Price Index (YoY) (April) arrived at 6.4% vs 6.7% expected. With mixed Chinese price pressures data appear to have little impact thus far on the market.

The Chinese central bank (PBOC), stating that the bank injecting 47.6bn Yuan through Pledged Supplementary Lending (PSL) earlier in the day.

Coming up

Moving on we have the Japan’s data release for Coincident Index and Leading Economic Index and we look forward as the yen have been slowly gaining some momentum with the last session.

The Consumer Price Index released by the Czech Statistical Office are later been released and should be monitored as the previous release where at 0% any changes here can be of major impact in the day.

The European Central Bank’s president Mario Draghi speech is scheduled and can keep a close watch with Euro seem to have lost the momentum and have been declining in recent days any notable move from Draghi can uplift the much needed support for the Euro.

The Dollar data release being with Import Price Index and already signaling better results compared to previous which was seen at negative 0.2% and are forecasted at up 0.1% should do them some favor. EIA Crude Oil Stocks change can make the major impact if any positive results are provided which was seen last at negative 0.93M any better results can boost the greenback, we end the day with Monthly Budget Statement and look for the direction the greenback are headed as they may make the much needed move in the market for the greenback to continue its good run in recent times.
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