BoC Policymakers Hopeful, Watching Data

Bank of Canada (BoC) policymakers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the Bank will be watching economic data closely to gauge the pace of reopening, […]
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US Initial Claims Slow; Trade Gap Widens

The US initial claims data came in above expectations Thursday, but still posted a ninth straight weekly decline that suggests the backlog of claims continues to be worked down. However, after a sharp dip in the previous week, the level of continuing claims partially rebounded in the most recent data. The Labor Department reported Thursday […]
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And Another Thing…

If everything stacks up, something happened on Monday that highlights just how much more work the FX industry has remaining to not only get people to understand the FX Global Code’s requirements, but also to adhere with it. Bloomberg News issued a report which basically stated that someone in Asia had triggered an option barrier […]
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Talk Series with BIS’s Jaime Cortina

Jaime Cortina, Deputy Chief Representative and Regional Head of Treasury and Asset Management at the Bank for International Settlements (BIS) in Mexico City, talked with Julie Ros from the floor of the new BIS Americas dealing room about the BIS’s Innovation 2025 strategy. Julie Ros: Why was Mexico City chosen as the location for BIS […]
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SIFMA Survey: ’20 GDP -5.5%; ’21 +4.7%

A survey of 26 chief economists of global and regional financial institutions Tuesday by industry trade group, SIFMA, saw US fourth quarter to fourth quarter GDP falling 5.5% this year and rebounding strongly next year with a 4.7% gain. The survey, taken through May 28, also found no expectation for the Federal Reserve to purposely […]
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US Manufacturing Contraction Slowed in May

The May ISM index Monday showed US manufacturing sector activity contracted further, but at a slower pace, in line with the regional and Markit data. Survey respondents in the ISM report noted while COVID-19 continues to weigh heavily on business activity, there were improvements seen in May due to some states reopening. As more states […]
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And Finally…

I know I should leave it but I can’t resist – is it only me that sees the irony in a bunch of managers driving home a class action lawsuit over alleged manipulation just one day before we had a great example of how things may actually be worse than they were before? The April […]
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After 20 Million Jobs Drop, What’s Next?

The US April data were, in a word, horrible. There was no silver lining, except that it was, hopefully, the worst we will see and that some relative recovery began over the last few weeks. The May business conditions data already released continued their downward trend, but the pace of contraction was, in the main, […]
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April Income Lifted by Stimulus, But No Place to Spend

Personal income surged in April on the large infusion of government stimulus payments. The only problem was that there were fewer places to spend it. Personal income rose by 10.5% in April, well above the 6.0% decline expected that did not consider the inclusion of the transfer payments. Current transfer receipts rose by $3.0 trillion […]
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The Times, They Are A-Changin’

‘Back to normal’ – three simple words, and a world of meaning. For those in the UK, Monday, 23rd March 2020 marked the point at which everyone’s life changed. Lockdown has had, amongst many other effects, a profound impact on how and where we work and the very nature of the job we do. The […]
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