UK consumer confidence at 48-year low; stocks push higher off lower rates from Chinese banks.
May 20, 2022
GBP/USD 1.2489 GBP/EUR 1.1804 EUR/USD 1.0580 USD/CAD 1.2792 EUR/CHF 1.0292 EUR/SEK 10.4965 EUR/NOK 10.4965 EUR/DKK 7.4426 USD/ILS 3.3615 AUD/USD 0.7065 NZD/USD 0.6410 USD/SGD 1.3779 USD/JPY 127.94 USD/CNH 6.6799 USD/INR 77.5713 EUR/ILS 3.5563 GBP/ILS 4.1980 USD/ZAR 15.8323
UK Consumer confidence has dropped to a 48-year low. This weak sentiment will likely be reflected in April retail sales data released later today. Despite this GBPUSD trades 0.12% higher intraday, and the FTSE trades up 1.4%.
The Metropolitan police announced the end of its ‘party gate’ fines, with the prime minister avoiding any further fines.EUR
Chancellor Olaf Scholz policy to boost the German military is struggling to gain traction. A vote of his €100 billion defence package has been postponed as his coalition struggles to agree.
EURUSD trades lower -0.14%, the Euro STOXX has opened positive by 0.7%.USD
Joe Biden has embarked on his first presidential trip to South Korea and Japan, where he’ll try to bolster supply chains, and reduce US reliance on China. The US and Japan are planning to engage with China to wind down its nuclear arsenal.
Janet Yellen, Secretary of the Treasury, rejected the idea that the Fed or its counterparts should boost their inflation targets at a time when living costs are surgingASIA/PACIFIC
Japan’s inflation sped up in April to 2.1% YoY, topping the BOJs target, reaching its fastest rate in 14 years.
Chinese banks cut a key interest rate for long-term loans by a record amount, this helped Asian equities gain.ILSUSDILS has slipped from weekly highs of 3.406 during yesterday session. It has since fallen -1.4% to 3.36.Data & Events
UK Retail Sales
Euro-Area Consumer Confidence
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