Recap :

Commentary:

None

Notable:

  • Japan Eco Watchers Outlook Survey jumped to 50.3 vs 40 exp and 34.7 prev.
  • Canada Employment dropped -28.9K vs +12k exp and +42.9k prev. The Unemployment Rate was stable at 6.9% as exp. As the participation rate declined to 66.1 vs 66.3 exp and 66.2 prev
  • Capital account deficit would be a good thing for China, the head of the central bank’s research unit said on Monday, because it could be used to offset the current account surplus… he previous day, Premier Li Keqiang had said China’s war chest of foreign currency reserves had become a headache as its continued rise could stoke inflation in the long term. –Reuters h/t FTA
  • Chinese President Xi Jinping said the nation needs to adapt to a “new normal” in the pace of economic growth and remain “cool-minded” amid a slowdown that analysts forecast will lead to the weakest expansion since 1990. –BBG
  • A string of departures from the Fed’s seven-member board over the last year has left the central bank on the verge of operating with just three governors for the first time in its 100-year history. It is also shifting the balance of power on the Fed’s most important group, known as the Federal Open Market Committee, which sets monetary policy. The March and April meetings of that committee — which includes both board members and presidents of the 12 regional reserve banks — represented just the third and fourth times in history that a majority of the votes were cast by the regional presidents, who are allocated five votes on the committee on a rotating basis. –NYT

Upcoming Data:

  • Mon: Australia Home Loans, House Price Index
  • Tue: ChinaData, TurkeyCurrent Account, GermanyZEW, US NFIB, Retail Sales, RBNZ News Conference
  • Wed: UK Employment, BoE Inflation Report, US PPI, New Zealand PMI, Japan GDP
  • Thu: EU GDP, US Empire Mfg, US CPI, Jobless Claims, Philly Fed
  • Fri: ECB’s Coeure Speaks, US Housing Starts, U Michigan Confidence,
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