LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
May-10 05:18
| Date | Time | Country | Event |
| 10-May | 0700 | DE | HICP (f) |
| 10-May | 0900 | IT | Industrial Production |
| 11-May | ---- | EU | ECB Lagarde & Panetta in G7 Finance Meeting |
| 11-May | 1300 | EU | ECB Schnabel Talk at Federal Ministry of Finance |
| 11-May | 1830 | EU | ECB de Guindos Panels Diario Madrid Foundation Event |
| 12-May | ---- | FR | HICP (f) |
| 12-May | 0800 | ES | HICP (f) |
| 12-May | 0900 | EU | ECB de Guindos Lecture at Academia Europea Leadership |
| 15-May | ---- | EU | ECB Lagarde & Panetta in Eurogroup Meeting |
| 15-May | 1000 | EU | Industrial Production |
| 16-May | ---- | EU | ECB de Guindos in ECOFIN Meeting |
| 16-May | ---- | EU | GDP (2nd p) / Trade Balance / Employment |
| 16-May | 1000 | IT | Italy Final HICP |
| 16-May | ---- | DE | ZEW Survey |
| 16-May | 1000 | IT | Italy Final HICP |
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US TSYS: Early Richening Holds In Asia
Apr-10 04:32
TYM3 deals at 115-27, +0-01+, with a narrow 0-04+ range observed on volume of ~49k.
- Cash tsys sit ~3bps richer across the major benchmarks.
- Asia-Pac participants faded Friday's post-NFP cheapening, perhaps focusing on the lower than expected average hourly earnings.
- The latest Sino-Taiwan tensions, as China simulated precision strikes on Taiwan during military drills over the weekend, also added a layer of support.
- The early richening held for the remainder of the session as tsys traded in narrow ranges with little follow through on moves.
- Fed dated OIS price ~18bp hike into the May meeting with the terminal rate at 5%. There are now ~70bps of cuts in 2023.
- There is a thin data calendar in Europe today, further out US Wholesale Inventories and Fedspeak from NY Fed President Williams provide the highlight on Monday.
NZD: Marginally Pressured In Light Holiday Trade
Apr-10 02:11
NZD/USD prints at $0.6240/45, ~0.1% softer today.
- The pair has fallen below its 20-Day EMA in light holiday volumes, a narrow 20 pip range has been observed thus far.
- AUD/NZD is little changed, the cross has held below the $1.07 handle after breaking below last week.
- The domestic markets remain closed for the remainder of the session. Wider swings in risk sentiment will be the main driver in NZD.
AUD: A$ Lower In Light Trade But Range Trading
Apr-10 01:45
The AUDUSD is down 0.2% to 0.6660 in light trading. It reached a low of 0.6656 before a high of 0.6682. The USD index is up slightly in APAC trading so far.
- In terms of the major crosses, Aussie is up 0.2% against the yen to 88.31 and +0.1% versus the kiwi to 1.068. AUDEUR is down 0.1% to 0.6111 and AUDGBP flat at 0.5365.
- Australia, NZ and HK are closed today but the Nikkei is up 0.4%, the KOSPI +1% and the CSI +0.2% higher. WTI is trading sideways and is around $80.70/bbl. Copper prices are down 0.1% and iron ore is just below $118/t.
- On Tuesday, Westpac’s April consumer confidence data and the March NAB business survey are released. They’re both likely to be watched closely given the RBA’s increased data dependence.
