Week Ahead - RBA debates taper delay, Russia to hike rates, and ECB to maintain PEPP increase - MarketPulse
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Fed lifts dollar
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BoC Gov Macklem says economic recovery is make good progress
Wed 16 Jun 2021 22:33:33 GMT
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Bank of Canada Governor Macklem speaking to an upper house committee in the Canadian parliament. Via video conference.
Senate Committee on Banking, Trade and Commerce
Remarks, Headlines via Reuters
Following a sharp bounce back in economic activity in the fall and winter, we’ve seen choppiness in growth again in Q2
complete recovery will still take some time
third wave of the virus has been a setback
overall, we expect the housing market to be better balanced, but we will continue to watch it closely
timing of 2% inflation target is unusually uncertain
MacroBusiness
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See the latest Australian dollar analysis here:
More wild action on markets overnight as the COVID recovery lurches through another bubble and bust. This time in commodities. DXY was firm:
The Australian dollar remained weak, rallying out of new lows versus USD and slumping against EUR and JPY:
Oil fell hard, gold lifted a bit:
Base metals tanked:
Junk did a bit better:
As US yields eased:
Westpac has the wrap:
Event Wrap
US PPI in April rose 0.6%m/m and 6.2%y/y (est. +0.3%m/m and 5.8%y/y), with the ex-food & energy measure up 0.7%m/m and 4.1%y/y (est. +0.4%m/m and +3.8%y/y). The BLS noted a record jump in the steel index (+18.4%), as well as notable gains in transport and warehousing on the services side.