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May 13, 2026
Preview: Due May 14 - U.S. April Retail Sales - Consumers still resilient to headwinds
May 13, 2026 1:38 PM UTC
We expect April retail sales to increase by 0.7% overall with a rise of 0.9% ex autos, but only 0.5% ex autos and gasoline, the latter a marginal slowing from two straight 0.6% increases. Still, consumer spending continues to appear resilient to significant headwinds.
U.S. April PPI - Strong picture restored after pause in March core rates
May 13, 2026 1:13 PM UTC
After a surprisingly low March, which saw modest upward revisions, April PPI has rebounded above expectations, rising by 1.4% overall, 1.0% ex food and energy and 0.6% ex food, energy and trade. March and April together show the strength of January and February’s core rates persists, with energy,
May 12, 2026
Preview: Due May 13 - U.S. April PPI - Core rates to pick up from below trend March
May 12, 2026 1:40 PM UTC
We expect PPI to rise by 0.5% overall in April for a third straight month. We expect the lift from energy to be less sharp than in March, but the core rates to pick up from below trend March gains, ex food and energy to 0.3% from 0.1%, and ex food, energy and trade to 0.4% from 0.2%.
U.S. April CPI - Subdued ex food, energy and what looks like one-time strength in shelter
May 12, 2026 1:08 PM UTC
April CPI is only marginally stronger than expected on the core rate, up by 0.4%, 0.376% before rounding, and the data not alarming outside of a one-time distortion in housing. The headline gain of 0.6% was as expected, and here the rise was a little firmer at 0.64% before rounding.
FX Daily Strategy: N America, May 12th
May 12, 2026 9:25 AM UTC
Volatility keeps compressing though maybe some tensions showing at the edges
No shift in ranges and trends yet, but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
GBP plays the 'political short' trade as gilts spike, though spec mkt was positioned
Foc
FX Daily Strategy: Europe, May 12th
May 12, 2026 4:16 AM UTC
Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings
May 11, 2026
FX Daily Strategy: Asia, May 12th
May 11, 2026 9:00 PM UTC
Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings
FX Daily Strategy: APAC, May 12th
May 11, 2026 4:55 PM UTC
Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings
U.S. April Existing Home Sales - Flat picture, downside risk
May 11, 2026 2:13 PM UTC
April existing home sales at 4.02m were slightly softer than expected and up only 0.2% from March, but with March revised up to 4.01m from 3.98m the net result can be seen as close to consensus, while trend continues to have little direction.
Preview: Due May 12 - U.S. April CPI - Energy, air fares and a housing distortion
May 11, 2026 12:28 PM UTC
We now expect April CPI to increase by 0.6% overall and 0.4% ex food and energy, with respective gains before rounding being 0.57% and 0.41%. Energy is likely to add close to 0.2% to the overall gain and feed through from energy is likely to add around 0.1% to the core, largely in air fares. There i
May 10, 2026
May 08, 2026
Preview: Due May 21 - U.S. April Housing Starts and Permits - A mixed picture but trend may slow in Q2
May 8, 2026 6:34 PM UTC
We look for April housing starts and permits to both see levels of 1.40m, for starts a fall of 6.8% after a rise of 10.8% in March, and for permits a rise of 2.7% after a fall of 11.4% in March.
U.S. Preliminary May Michigan CSI - Dip on current conditions, expectations slightly improved
May 8, 2026 2:19 PM UTC
The preliminary May Michigan CSI of 48.2 is down from 49.8 in April and weaker than expected. The details are however more surprising, with the fall due to current conditions not expectations and inflation expectations slightly softer.
Canada April Employment - Weak data suggests little case for tightening
May 8, 2026 1:36 PM UTC
Canada’s April employment report with a 6-month high of 6.9% for unemployment following two straight months at 6.7%, and a fall of 17.7k in employment, is clearly a weak one and suggests there is little case for the Bank of Canada to consider tightening as long as core inflation shows no clear fee
U.S. April Employment - Resilience should keep easing off the near term agenda
May 8, 2026 1:04 PM UTC
April’s non-farm payroll suggests the US economy continues to grow at a respectable pace in early Q2 with no signs of a hit from the oil shock yet. Payrolls increased by a stronger than expected 115k, with unemployment stable at 4.3% and the workweek stronger at 34.3 hours from 34.2. Average hourl
May 07, 2026
FX Daily Strategy: Asia, May 8th
May 7, 2026 9:00 PM UTC
US and Canadian employment data offer some USD upside risks
Focus remains on US/Iran negotiations with some good news already priced in
Japanese wage data could support BoJ rate hike expectations
GBP vulnerable to political fallout from local elections