Fed's Williams speaks Monday on economic outlook. Bostic, Logan and Kashkari speak also,China NBS spokesman (more): Will strengthen policy coordinationChina NBS spokesman (more): Foreign trade overcame difficulties, maintained steady growthJapan fin min Kato says Japan not facing problem getting funds via debt issuanceCentrist Victory in Romania Defeats Far-Right Candi A Democratic Signal?US House panel approve Trump tax cut bill, setting up a possible vote on passage this weekJapan Prime Minister Ishiba: Japan financial situation worse than GreeceChina Stats spokesman: contribution of consumption to eco growth will continue to increaseChinese officials say the economy is growing steadily in the face of pressureS&P 500 Analysis for Today by tradeCompassChina Industrial Output April 2025 +6.1% y/y (expected 5.5%, prior +7.7%)BOJ DepGov Uchida Will keep raising interest rates if economy, prices improve as forecastChina new home prices unchanged m/m in April, -4% y/yPBOC sets USD/ CNY reference rate for today at 7.1916 (vs. estimate at 7.2057)Japan’s Agriculture Ministry suspended imports of poultry from parts of Brazil - bird fluJapan PM Ishiba says again can't accept US tariffs on autosBitcoin hitting its highest since the end of January, circa USD106,400+ICYMI - Goldman Sachs: US tariffs may weaken the dollar as growth slowsUK house price indicator shows smallest Springtime rise since 2016New Zealand Q1 PPI inputs and outputs both higher q/qNew Zealand data: April Services PMI drops deeper into contraction at 48.5 (prior 49.1)Globex is open! US equity index futures drop. S&P500 (ES) down 0.7%. NASDAQ (NQ) down 0.9%Economic calendar in Asia 19 May 2025 - Chinese economic activity data for AprilTrade ideas thread - Monday, 19 May, insightful charts, technical analysis, ideasBinance and Kraken said to have been targets of Coinbase-like hack attacksMonday morning forex rates update - JPY and EUR higherRomanian centrist Presidential candidate ahead with 54.3% after 97% of votes countedWeekend: Bessent threatens tariff rates to return to ‘reciprocal’ levels if no trade dealFormer President Joe Biden was diagnosed with an "aggressive form" of prostate cancerEyes on Euro politics - Romania centrist Dan appears on course to win Romanian presidencyMonday open levels, indicative FX prices, 19 May 2025
The weekend news hasn't been great for market confidenceUK PM Starmer expected to announce Brexit "reset" deal on Monday. (Is Brexin the word?)Australian PM Albanese says he's "up for a deal" with Europe on free tradeECB's Lagarde:EUR/USD up justified by the uncertainty & loss of confidence in US policiesEuropean Central Bank Board Member Schnabel cautious on a June ECB rate cutECB’s Kazaks: Rate cuts may be nearing end, but outlook still uncertainNewsquawk Week Ahead: UK-EU Summit, RBA, China Activity Data, Global PMI Data, Canada CPIFriday bombshell: Moody's downgrades US credit ratingForexlive Americas FX news wrap: Hot UMich inflation expectations cool Fed rate cut talk
Markets reopened for the new week digesting the late-Friday US credit rating downgrade by Moody’s. The agency announced the move after US markets had closed, a decision some have called oddly timed—perhaps even irresponsible.
As the session wore on, the dollar continued to soften a touch, the move was far from a rout.
China's April data was the key focus for the session:
Retail sales grew 5.1% y/y (vs. 5.5% expected, prior 5.9%)
Surveyed jobless rate dipped to 5.1% from 5.2% in March
Overall, the data were mixed. Industrial activity held up well, even as signs of weaker consumption and ongoing deflationary pressures linger. Trump’s tariffs have yet to cause significant damage, though slowing exports and falling bank lending suggest headwinds are mounting.
In the US, a House committee narrowly advanced President Trump’s tax cut package in a 17–16 vote on Sunday evening. Interestingly, four GOP “hardliners” who had opposed it earlier shifted their "no" stance to “present.” Hardliners? That label seems generous if they caved so easily—perhaps just political theatre.
Former US President Joe Biden has been diagnosed with an 'aggressive form' of prostate cancer that has metastasized to the bone, his office said in a statement, adding that 'the cancer appears to be hormone-sensitive which allows for effective management'
We wish him well.
This article was written by Eamonn Sheridan at www.forexlive.com.
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