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News For NOSYMBOL From The Last 14 Days
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May 28, 2015
05:58 EDTJune front month equity options last day to trade is June 19, 2015
02:50 EDTFX Update: USD-JPY logged the highest level since 2002
FX Update: USD-JPY logged the highest level since 2002, the AUD took at hit on unambiguously weak capital expenditure data out of Australia, while EUR-USD recouped to the 1.0900 area after leaving a one-month low at 1.0831 yesterday. There has been no change in the dominant bearish EUR-USD narrative: a continued lack of substantive progress in Greece's bailout negotiations with its creditors, and a dollar benefiting from the rekindled Fed tightening narrative. EUR-USD's high at 1.0929 and the 50-day moving average at 1.0955 provide upside markers. USD-JPY took out the June 2007 high at 124.16 before settling back under 124.00, leaving a 12-year peak at 124.30 on the nominal price chart. The December 2002 high at 125.72 provides the next big-picture focal point. The yen also logged a nine-day low against the euro today, with the Japanese currency winning the race to the underperformer of the week title. Although BoJ deputy governor Iwata said yesterday that he sees no need for further easing, the ultra loose 'Abecomics' monetary policies are still likely to be remaining in force when the Fed eventually reaches rate hike lift-off.
May 27, 2015
22:25 EDTPhilippine Q1 GDP grew 5.2% y/y
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17:41 EDT St Louis Federal Reserve Bank President James Bullard Speech to be released at 16:00
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17:41 EDTWeek of 6/5 EIA Petroleum Status Report to be released at 10:30
17:41 EDTWeek of 6/5 MBA Mortgage Applications to be released at 07:00
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17:30 EDTU.S. Initial Jobless Claims Preview
U.S. Initial Jobless Claims Preview: Claims data for the week of May 23rd is out Thursday and should reveal a headline of 280k (median 271k) following last week's increase to 274k from 264k in the week prior to that. Claims have struck a lean path in May and look poised to average 270k from 281k in April. This would support our forecast for headline employment of 215k for the month.
16:15 EDTCanada Current Account Preview
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16:15 EDTCanada Industrial Product Price Preview
Canada Industrial Product Price Preview: Analysts expect the IPPI, due Thursday, to fall 0.1% m/m in April (median -0.1%) after the 0.3% gain in March. Analysts have a witches' brew of ingredients for the April IPPI forecast: Gasoline prices were roughly flat on a month average basis, the BoC's commodity price index surged while the Canadian dollar appreciated versus the USD (on a month average basis). Hence, the Forecast risk is all over the place, but analysts would lean towards the downside given the 2.2% appreciation in the CAD versus the USD. The RMPI is projected to rise 3.0% in April as oil prices rose +12.5% to $54/bbl from $48/bbl.
15:05 EDTTreasury Closing Summary:
Treasury Closing Summary: An outbreak of optimism on Greece was set in motion by lopsided comments from PM Tsipras, who suggested that a draft deal with Greece's creditors was close. Though that urgent hope was largely discredited by those same creditors, it was not before a surge in risk-on trade drove yields, stocks and the euro to session highs, in contrast to the morose tone in the markets the day prior. The lack of data ensured that the markets would be more reactive to such posturing. 5-year auction results were mixed, but mostly bond friendly, while Bill Gross of Janus revisited his Bund short bet that raced ahead of his fund's execution.
14:22 EDTAverages higher, range-bound in afternoon trading
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14:10 EDTFX Action: USD-JPY traded to 124.07 highs
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13:55 EDTU.S. equities continue to forge higher
U.S. equities continue to forge higher into the close despite the Greek accord draft optimism being largely dis-credited and the euro stalling out again under $1.09. If nothing else, this episode seemed to flag risk-on activity as the bigger short-term risk for stocks, yields and the dollar. The NASDAQ has clambered back over 1.15% higher and pulled up the blue chips by 0.8% or so, while the S&P 500 life high of 2,134.72 from May 20 lies just above. The VIX equity volatility index after gapping from lows of 11.82 this week to session highs of 14.63 Tuesday, has since retreated to session lows of 13.10 again.
13:20 EDTTreasury Action: intermediate yields tempered
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13:15 EDTTreasury's 5-year auction was so-so
Treasury's 5-year auction was so-so. The note stopped through at 1.560% versus 1.565% at the bid deadline (and is much cheaper than April's 1.380%). That was one of the better attributes of the offering. There were $86.0 B in bids for a 2.46 cover, below both 2.56 last month and the 2.60 average. Indirect bidders accepted 58.5% compared to the 61.2% previously and the 55.5% average. Direct bidders took 10.0%, about double the 5.6% from April, while primary dealers accepted 31.6% versus 33.2%.
13:15 EDTEnergy Action: NYMEX crude based at May lows of $57.41
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12:45 EDTTreasury 5-year auction preview:
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12:10 EDTTreasury Option Action: mixed trade on volatility
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12:10 EDTFX Action: USD-JPY topped out at 123.87
FX Action: USD-JPY topped out at 123.87, after briefly pulling back from the July, 2007 high of 123.66, seen ahead of the N.Y. open. The June, 2007 high of 124.14 remains the next target, though will have to get through reported offers into the 124 mark first. One needs to go back nearly 13 years, to June, 2002 to find a higher USD-JPY level, a year that printed a 134.80 pinnacle. Despite recent Japan policymaker talk of no more stimulus, the ultra loose monetary policies of Abenomics are still likely to be in force when the Fed eventually does reach rate hike lift-off, perhaps as early as September, and as a result, USD-JPY may well make 13 year highs sooner than later.
11:45 EDTTreasury's bill auctions were lackluster
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