Overview
A fairly subdued end to the week, with not much news, though the risk tone generally firmed up a bit, S&P back into range, seeing Treasuries ease back and supporting USD/JPY.
News highlights
* US Apr Existing home sales +1.7% to 5.45mn from 5.36R vs Mkt 5.4
Currencies:
* USD almost becalmed in a very tight range above 1.12 EUR/USD.
* EUR/JPY was stronger just below 124 as stocks recover but a late dip was seen as the Nikkei reported the BoJ was preparing for losses on its JGB holdings should easing end. USD/JPY is still above 110.00.
* GBP gives back some of its recent Mori poll inspired blow off gains to trade back up through 0.77 against EUR and below 1.45 on Cable.
* CAD remains weak but USD/CAD off the 1.3161 high despite firm oil price
* EUR/CHF exploring new recent highs above 1.11 bound to improve SNB's humour.
* NOK/SEK back above parity with firmer oil.
Bonds:
A rather quiet end to the week, with the small lift in the S&P back to familiar range levels helping USTs drift back off Thursday`s bounce. 2s +0.3bps @ 0.88%, 5s -0.7bps @ 1.37%, 10s -0.5bps @ 1.84%, 30s -0.9bps @ 2.63%.
* Agency Spreads: Freddie/Fannie 5s -0.2/+0.7 bps, 10s -0.1/+0.3 bps.
* Swap Spreads: 2s +0.49bps, 5s +0.25bps, 10s -0.14bps.
Equities:
A decent bounce back with S&P recouping up to test the 2050s, showing Thursday`s low to be just more noise around the same narrow region. Financials still the best since the rise in rate expectations, while techs were boosted by an upbeat chips forecast. The S&P closed +0.60%, off the highs.
To Be Released -
Data:
23:50 GMT - JP: Customs Cleared Trade (Apr) 4cast: 689.8JPY bn (Mkt: 493.9 Prev: 755)
04:30 GMT - JP: All Industry activity index (Mar) % m/m (Mkt: 0.5 Prev: -1.2)
04:30 GMT - NL: Consumer Spending (Mar) % y/y (Prev: 0.1)
05:00 GMT - JP: Leading indicator (Final) (to 26th) (Mar) (Prev: 98.4)
05:30 GMT - NL: Consumer Confidence (May) (Prev: 1)
07:00 GMT - FR: Manufacturing PMI (Prelim) (May) (Mkt: 49 Prev: 48)
07:00 GMT - FR: Services PMI (Prelim.) (May) (Mkt: 50.6 Prev: 50.6)
07:30 GMT - DE: Manufacturing PMI (Prelim.) (May) (Mkt: 52 Prev: 51.8)
07:30 GMT - DE: Services PMI (Prelim.) (Jun) (Mkt: 54.6 Prev: 54.5)
08:00 GMT - EU: Composite PMI (Prelim.) (May) 4cast: 53.2 (Mkt: 53.2 Prev: 53)
08:00 GMT - EU: Manufacturing PMI (Prelim.) (May) 4cast: 51.9 (Mkt: 51.9 Prev: 51.7)
08:00 GMT - EU: Services PMI (Prelim.) (May) 4cast: 53.2 (Mkt: 53.3 Prev: 53.1)
14:00 GMT - EU: Consumer Sentiment (Prelim.) (May) 4cast: -8.5 (Mkt: -9.1 Prev: -9.3)
Events & Auctions:
CA: Market Holiday - Victoria Day
01:30 GMT - JP: BoJ's Nakaso Speaks in Tokyo
09:30 GMT - US: Fed's Bullard Speaks in Beijing
10:30 GMT - DE: 364day bills auction - EUR 1.50 Bn (Act)
13:00 GMT - US: Fed's Williams speaks in New York
13:50 GMT - FR: 154day bills auction - EUR 1.40 Bn (Act)
13:50 GMT - FR: 336day bills auction - EUR 1.00 Bn (Act)
13:50 GMT - FR: 91day bills auction - EUR 3.60 Bn (Act)
16:30 GMT - US: 3mth bills auction - USD 31.00 Bn (Act)
16:30 GMT - US: 6mth bills auction - USD 26.00 Bn (Act)
22:30 GMT - US: Fed's Harker Speaks in Philadelphia
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