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Canada: Manufacturing sales and BoC’s FSR in focus – TDS

Analysts at TD Securities are looking for the Canada’s manufacturing sales to rise by 1.6% (market: 1.5%) in March on a pickup in auto production and higher factory prices, which should see the volumes come in below the nominal print. Key Quotes “The Bank of Canada will release its Financial System Review at 10:30 ET, which will be followed by a press conference with Governor Poloz and Senior Deputy Governor Wilkins at 11:15 ET. Coming one week after Poloz's speech on the future of the mortgage market, we suspect the Bank will have little to say beyond an update on the effect current macro prudential rules and recent developments in the housing market.”
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UK’s Leadsom: Withdrawal Agreement bill will be introduced as soon as possible

The leader of House of Commons, Andrea Leadsom, crossed the wires in the last minutes saying that the Withdrawal Agreement bill will be introduced as soon as possible to give lawmakers time to consider it. Leadsom's comments were largely ignored and the GBP/USD was last seen down 0.18% on the day at 1.2826.
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USD/JPY clings to modest recovery gains above 109.50 ahead of US data

10-year US T-bond yield rebounds from multi-week lows. US Dollar Index stays directionless near mid-97s. Coming up: Weekly jobless claims, housing starts and building permits data from the U.S. The USD/JPY pair came under a modest pressure during the Asian session on Thursday as reports of the U.S. banning Chinese tech-giant Huawei escalated, once again, the geopolitical tensions. After slumping to 109.30 area and moving in a tight range near that level, however, the pair gained traction in the last hour and turned positive on the day. As of writing, the pair was up 0.08% at 109.67. The 10-year US Treasury bond yield, which slumped to its lowest level since late March at 2.340% earlier in the day, also took advantage of the slightly-improved market sentiment and turned positive on the day to help the pair push higher. Moreover, major European equity indexes are posting gains in the day, confirming the risk-on atmosphere. Similarly, the S&P 500 Futures is adding 0.3% to point to a p..
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UK PM May’s spokesman: There will be more talks with Labour in coming days

British Prime Minister Theresa May's spokesman crossed the wires in the last minutes saying that there will be more talks with the opposition Labour party on Brexit at an official level in coming days. When asked about Huawei, the spokesman said that they were reviewing the right policy on 5G and added that they will make an announcement when ready.
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WTI fades a spike to $ 62.70 despite Middle East tensions, risk-on

Oil boosted by rising supply concerns amid escalating Middle-East woes. Uncertainty over OPEC supply cuts extensions, swelling US crude stocks to cap gains? WTI (futures on Comex) picked-up bids in the European session and clinched fresh three-day tops at 62.68 levels before receding slightly to now trade near 62.40 region. Despite the latest retreat, the sentient around black gold remains buoyed amid mounting supply disruption concerns, as the Middle-East tensions intensify alongside heightening US-Iran rift. The supply risks continue to overshadow the rising fears over the US-China trade war and remain oil-supportive. “An attack on four oil tankers in the Gulf on Sunday, for which no one has claimed responsibility, and Saudi Arabia’s announcement that armed drones hit two of its oil pumping stations, have compounded concerns have stoked supply-side fears”, as reported by Reuters. However, markets remain wary over the swelling US crude inventories and OPEC’s plan of supply cut ex..
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US: Housing and manufacturing data in focus – TDS

According to analysts at TD Securities, US housing starts are expected to recover to 1,209k in April (+6.2% m/m) following two consecutive monthly declines that brought starts lower from 1,298k in January. Key Quotes “Recent weakness has mostly been driven by a soft showing in starts in the single family segment.” “Separately, the Philly Fed survey is expected to show a minor improvement in manufacturing activity to 9.0 following a -5.2 decline to 8.5 in April. This will be the second look on the manufacturing sector for May after the stronger-than-expected increase in activity reported by the NY Empire survey.”
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