US Initial jobless claims 473K versus 490K estimate
- initially reported at 498K revised to 507K
- Initial jobless claims 473K. The lowest reading since the start of the pandemic
US April PPI final demand +6.2% vs +5.9% expected
That's another upside miss on inflation. PPI is certainly second-fiddle to CPI but those cost pressures move down the chain.
The CHF is the strongest and the AUD is the weakest as NA traders enter for the day
The CHF is the strongest and the AUD is the weakest as NA traders enter for the day. The USD is mixed ahead of the US PPI data and the weekly initial and continuing claims. Fed's Barkin is on the schedule to be speaking
PPI and initial jobless claims are coming up next
PPI isn't normally a market mover but given the market reaction to the surprise jump in CPI, it will make some waves. Moreover, when one of them miss the consensus, the other tends to miss in the same direction so we could see higher reading than the +5.8% headline and +3.8%
ForexLive European FX news wrap: Dollar mixed, Bitcoin stays pressured
- CHF leads, AUD lags on the day
- European equities lower; S&P 500 futures up 0.1%
Equities recover slightly ahead of North American trading
European indices have halved losses from earlier in the day but are still keeping roughly 1% lower across the board. This comes as US futures start to turn things around, with Nasdaq futures leading the bounce while S&P 500 futures inch a tad higher.
A case of the déjà vu?
Yesterday, we got one of the hottest CPI reports in years and the inflation debate will continue on today with the release of US PPI data for April.
Bitcoin slips back under $50,000 as the pressure keeps up
In case you missed the overnight news:
Risk looks a little heavy once again
European indices are down by roughly 2% across the board now as the selling in equities intensifies and that is also exacerbated by a drop in US futures as well.
Dollar keeps steadier so far on the session
The dollar is keeping steadier after its advance yesterday with major currencies not showing much poise despite European indices being sold off currently.