Fed expected to raise rates by 0.5%; Sinn Fein leads NI polling. Schnabel hints ECB hikes could come as soon as July.
May 4, 2022
GBP/USD 1.2504 GBP/EUR 1.1884 EUR/USD 1.0523 USD/CAD 1.2834 EUR/CHF 1.0307 EUR/SEK 10.3995 EUR/NOK 9.9117 EUR/DKK 7.4397 USD/ILS 3.3504 AUD/USD 0.7107 NZD/USD 0.6436 USD/SGD 1.3829 USD/JPY 130.11 USD/CNH 6.6468 USD/INR 76.4838 EUR/ILS 3.5258 GBP/ILS 4.1893 USD/ZAR 15.8579
Pay for financial services workers surged at double the pace than for the rest of the economy since the pandemic, average monthly pay was 31% higher.
Elections in Northern Ireland may mark a big shift in the region’s political balance. Polls show the pro-republican Sinn Fein in the lead. This would be the first time Sinn Fein has been able to nominate a first minister.
GBPUSD trades down -4.37% over the last month.EUR
ECB’s Schnabel has hinted that rate hikes for the euro-zone could come as early as July.
Europe’s jobs market has stalled since Russia invaded Ukraine, countries with large energy-intensive sectors have been hardest hit.
The STOXX600 nudged higher by 0.77% yesterday. EURUSD is unchanged since yesterday.USD
The Federal Reserve is expected to raise rates by 0.5% in what would become the biggest hike since 2000. The Fed could also unveil the plan to reduce the balance sheet, starting with maturing securities. Jerome Powell might hint at future rate hikes but is not anticipated to discuss the frequency or scale of such hikes. Market’s will be watching if Powell comments regarding a speculative 0.75% hike to follow later in the year.
Biden has scaled up aid to Ukraine following a visit to Lockheed Martin, this comes as Russia appears to be paving the away for occupation governments and referendums, which could allow full annexations.ASIA/PACIFIC
North Korea has continued its renewed surge of missile launches/testing, South Korean officials say.
Australian retail sales jumped 1.6% in March, to hit a record high. This sparked a sell-off in bonds and boosted the Australian dollar.ILS
Gains through yesterday saw USDILS touch 3.38, these dollar gains were given up yesterday evening. USDILS trades 0.15% higher intraday.Data & Events
EU – PMI (Spain, Italy, France, Germany)
US – FOMC meeting
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