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Italy cuts 2021 GDP growth forecast to 4.5% from 6.0% - report

Italy slashes GDP estimate The prior estimate was from September so it was stale. The consensus right now is 4.4%, so this isn't a surprise. GDP in 2020 fell 8.9% and it will be at least into 2023 before the losses are recovered.
Apr 15, 2021 Read more

US March industrial production +1.4% vs +2.5% expected

March US industrial production data This is a disappointing reading but not likely to be a market mover. Utilities were a big drag at -11.4% on better weather in the month. Consumer goods were also soft at -0.5% but there is ongoing strength in construction supplies (+4.4%), durable goods (+3.0%) and the mining industry (+5.7%).
Apr 15, 2021 Read more

FX market largely unchanged after US data slate. 30-year bond yields fall to one-month lows

Good news baked in US retail sales, jobless claims and manufacturing surveys were all stronger-than expected on Thursday but the FX market took it in stride. There were some small spikes on the data but currencies have settled back into pre-data levels. If anything, a bit of USD strength is creeping in against the euro and loonie.
Apr 15, 2021 Read more

Canada March existing home sales +5.2% m/m vs +6.6% prior

Canadian housing market continues to sizzle There are still plenty of signs of insanity in the Canadian housing market but I've noticed a slight cooling this month with home sitting on the market a bit longer, particularly in the higher range. That could be buyers hoping for more spring inventory before they FOMO again.
Apr 15, 2021 Read more

US April Philly Fed business outlook 50.2 vs 41.5 expected

April 2021 Philadelphia Fed business outlook 
Apr 15, 2021 Read more

US March advance retail sales +9.8% vs +5.8% expected

March US retail sales data Prior numbers and revisionsThe headline is extremely strong but some of that was baked in after a jump in new car sales in the month that should have already been priced in. The control group metric is better at stripping out some of the one-off metrics and it was a tad
Apr 15, 2021 Read more

US initial jobless claims 576K vs 700K estimate

US initial jobless and continuing claims for the current week - Initial jobs claims 576K versus 700 K estimate - Four-week moving average of initial claims 683K versus 730.25K last week The improvement in the initial claims was what the market has been expecting over the last two weeks. It is the lowest reading since the pandemic began.
Apr 15, 2021 Read more

Canada February manufacturing sales -1.6% vs -1.0% expected

Canada February 2021 manufacturing sales:
Apr 15, 2021 Read more

US April Empire Fed manufacturing +26.3 vs +20.0 expected

Highlights of the April 2021 Empire Fed manufacturing index Numbers to be updated as released
Apr 15, 2021 Read more

The CAD is the strongest and the EUR is the weakest as NA traders enter for the day

The USD is mixed with declines vs the commodity complex (CAD, AUD and NZD) Looking at the ranges and changes, the overall price action is modest with all the major currency pairs trading a pretty good distance away from the 22 day averages (red line in the lower chart below). The EURUSD, and USDJPY ranges are only 31 pips. The
Apr 15, 2021 Read more

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