U.S. trade deficit likely on track to steady after a rough Q1

Jun 03, 2015 14:45 pm UTC| Commentary

The U.S. goods services trade deficit narrowed more than expected, to $40.9 bln in April from $50.6 bln in the prior month as exports rose 1.0% and imports fell a sharp 3.3%. Smoothing out the first four months of the...

Global macro picture is relatively weak

Jun 03, 2015 12:50 pm UTC| Commentary

Global macro data continues to be weaker than expected. While Europes growth appears to be picking up, it remains to be seen if this is sustainable. Similarly, while US growth seems to be holding up, recent data releases...

NBP on hold for an extended period

Jun 03, 2015 12:38 pm UTC| Commentary

The National Bank of Poland (NBP) kept its policy rate on hold at 1.5%, as expected by us and the unanimous consensus. Communications from MPC members about future rate movements have been consistent, as all expect an...

US dollar weakness and weather concerns lead to a soaring wheat price

Jun 03, 2015 09:22 am UTC| Commentary

Many agriculturals also profited from the depreciating US dollar yesterday. The wheat price in Chicago for example was able to gain by a further 3.8% after having already risen by 3.5% on Monday. Many short positions are...

Gold price in euro terms falls to 2-week low after EU inflation data

Jun 03, 2015 09:17 am UTC| Commentary

Gold in US dollars has neared the $1,200 per troy ounce mark once again, though in euro terms the gold price found itself under significant pressure and fell to a two-week low of below 1,070 per troy ounce. It is...

Possible increase of OPEC production target would mean overproduction will continue in the coming months

Jun 03, 2015 09:10 am UTC| Commentary

The significantly weaker US dollar gave oil prices a boost for a time. At its peak, Brent climbed to $66 per barrel, while WTI reached just shy of $62 per barrel. Prices shed most of their gains again overnight after the...

Malaysian domestic economy likely to remain resilient

Jun 03, 2015 08:07 am UTC| Commentary

Malaysian domestic household consumption likely faces downside risks in Q2, although it should remain healthy. A breakdown of domestic consumption in 2014 indicates that support was broad-based: food consumption...