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ING

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ING is a global bank with a strong European base.
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Bank of England to Stay Optimistic But Avoid Endorsing June Rate Cut

The Bank of England is inching towards the first rate cut, which we expect in August. Expect an optimistic air to Thursday’s meeting but we think the Bank will stop short of rewriting its forward guidance, which would be tantamount to endorsing a June rate cut at a time when the near-term direction of UK inflation is still uncertain.

Weaker US Job Numbers Boost Expectations of a September Rate Cut

Job creation was weaker, unemployment higher and wage growth more subdued than expected in the April employment report. With Fed Chair Powell leaning dovish at Wednesday’s press conference this has breathed new life into Federal Reserve interest rate cut calls.

Bearish Dollar Momentum Faces Key Payroll Test

The post-FOMC hawkish repricing of Federal Reserve rate expectations is applying pressure on the dollar, although today's US jobs figures will be the real pivotal event for FX…

European Gas Rallies

European natural gas prices rallied yesterday despite comfortable storage and a bearish outlook…

Dovish Powell Keeps Dollar Bulls in Check

The Fed's nod to the recent run of stronger US data was a soft one at last night's FOMC meeting, and it was clear that the Powell Fed would love to cut rates given half a chance…

What Goes Up, Must Come Down

The commodity complex has benefitted from a run-up in prices in recent months. Geopolitical tension and supportive fundamentals led speculators to boost their positioning…

DXY Closing in On Year's High Ahead of Fed

The relentless stream of above-expected US inflation data continues. Yesterday it was the turn of the Employment Cost Index to surprise on the upside…

South Korea: Monthly Activity Data Suggest A Patchy Recovery Ahead

Monthly activity data unexpectedly weakened in March, in contrast to the recent stronger-than-expected GDP data. All industry production declined for the first time in five months. We interpret this as a sign of a patchy recovery - strong manufacturing vs weak services and investment

German Inflation Highlights the Difficulty of the ECB's Last Lap

German headline inflation remained stable in April despite the expected downward pressure from the timing of Easter, suggesting that inflation is indeed sticky…

The Commodities Feed: Speculators Dump Oil

The oil market has started the trading week under pressure with geopolitical risks continuing to ease. However, fundamentals remain constructive, which should limit the downside. Copper prices broke above US$10kt for the first time since April 2022.

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