US May Personal Income Slows, Spending Soars

Personal income fell in May after a large runup in April on government stimulus payments, while spending surged as businesses partially reopened, the Commerce Department reported Friday. Personal income fell by 4.2% in May ahead of the 6.0% decline expected after a 10.8% jump in April. Current transfer receipts fell by $1.1 trillion after a […]
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P&L Talk Series – Morgan Stanley

The last three months have seen the foreign exchange market faced with unprecedented challenges and while the general sense is that the industry handled matter well, what was it really like in the eye of the storm? Colin Lambert talks to Melanie Cristi, head of FX market structure and client content; Matt Thomas, global head […]
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And Another Thing…

I first wrote about the use of client ‘tags’, especially pre-trade, in 2017; along with last look they comprised a solution that was ripe for abuse by the wrong sort of liquidity provider. You can imagine then, that I was pleased to see that Euronext FX has made the subtle switch of having liquidity consumers […]
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Refinitiv’s Shirley Barrow – Managing the WM/Reuters Fixes

FX benchmark fixes, specifically the WMR London 4pm “close”, have been in the spotlight recently thanks to price action around and during the fixing windows. Colin Lambert talks to Shirley Barrow, global head of benchmarks at Refinitiv about how WM/Reuters Benchmarks are managed – and what it would take to change In spite of liquidity […]
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May Existing Home Sales Likely Hit Bottom

Existing home sales fell for the third straight month in May, but the current month’s data reflects contract signings in March and April at the worst points of the shutdown. It is expected that this may be the bottom for home resales. National Association of Realtors (NAR) chief economist Lawrence Yun said that “sales will […]
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BoC’s Macklem: Not Considering Negative Rates

The Bank of Canada (BoC) is not considering negative interest rates and now sees its asset purchase program having a stimulative effect, BoC Governor Tiff Macklem said Monday. Macklem, in remarks prepared for delivery during an online event, said the Bank expects quick job gains as the economy reopens, but growth is likely to slow […]
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And Finally…

Last week the Mark Johnson case took its latest turn with the filing of a Writ of Certiorari, which effectively asks the US Supreme Court to listen to an appeal against the judgement. This may be the last step along a long and painful road for Johnson, his family and friends, and, indeed, the foreign […]
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In the FICC of It

Data is very much on Colin Lambert’s mind this week, but not in the usual sense. Thursday saw two glitches involving economic data releases, one of which had a comedy element, the other more troublesome, and while he understands mistakes happen, he wonders if we are going to see more of these incidents following the […]
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White House Watch: The Hazards/Opportunities of Rising Expectations

This Juneteenth, things have really changed, with pollsters saying never before has US public opinion changed so dramatically and so fast as in the 26 days since the gruesome killing of George Floyd. If only history showed that such turning points were typically the beginning of more easily achieved improved circumstances, like for those carrying […]
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Data Preview: After Partial Recovery in May; Focus Turns to June

After solid improvement in the May US data released over the last two weeks, the focus in the coming week turns to the early-June regional conditions data. June readings from the New York Fed and Philadelphia Fed released this previous week indicated continued improvement, with the Philadelphia Fed’s reading indicating positive growth in the region […]
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