HALISTER1: JAPAN PREVIEW: Factory Output Seen Back in Decline in April

JAPAN PREVIEW: Factory Output Seen Back in Decline in April

(Bloomberg) -- A weak trade performance in April suggests Japan’s industrial production contracted that month, economists’ forecasts suggest.
  • Factory output likely fell 5.1% y/y after a 0.2% expansion in March, median est. in Bloomberg survey shows; ests. range from -7.6% to -0.7%; data due 8:50am local time tomorrow
  • Exports fell 10.1% y/y, more than the 9.9% decline seen in Bloomberg survey; imports fell more than expected, -23.3% y/y vs -19.2% forecast, data released on May 23 showed
  • USD/JPY reaction may be overshadowed by expectations of delay in sales tax increase by PM Abe
  • USD/JPY rises 0.6% to 110.96 today after advancing for fourth week in a row last week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: China’s Iron-Ore Futures Slide to Three Month Low; Aussie Slips

China’s Iron-Ore Futures Slide to Three Month Low; Aussie Slips

(Bloomberg) -- Iron-ore Sept. futures on Dalian exchange fall as much as 3.3% to 333.0 yuan/MT, lowest since Feb. 22; now down 2.5% at 336.0 yuan/MT.
  • AUD/USD down 0.4% at 0.7151, approaching two-month low of 0.7145, set on May 24
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INSIDE SINGAPORE: SGD Slips as Soft JPY Leads Asian Currencies

INSIDE SINGAPORE: SGD Slips as Soft JPY Leads Asian Currencies

(Bloomberg) -- Singapore dollar starts the week with soft tone, tracking weak JPY and broad dollar strength after Yellen’s hawkish comments on May 27.
  • USD/JPY extends gain to 1-month high; sales-tax delay seen
  • USD/SGD now up 0.1% to 1.3804, approaching resistance zone in 1.3884/96 area, which was last seen in March; click here for chart
  • SGD rates underperformance relative to U.S. rates looks likely to persist this week, given the divergent month end theme of domestic supply overhang and month end extensions in the U.S., UOB analysts write in note dated May 27
    • Click here for chart of 10-year bond yield spread
  • Six-month swap-offer rate at 1.39933% on May 27 vs 1.40408% on May 26
  • SGD 10-year bonds closed last week up 6 bps to 2.17%, following a strong auction on May 27, which drew bid-to- cover ratio of 1.71 today, up from 1.57 at last offering a year before
  • SGD 5-year interest-rate swaps little changed at 2.0550%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: USD/JPY Extends Gain to One-Month High; Sales-Tax Delay Seen

USD/JPY Extends Gain to One-Month High; Sales-Tax Delay Seen

(Bloomberg) -- USD/JPY touches 110.81 in early Asia session, highest since April 28; now up 0.4% to 110.79.
  • An Abe aide over the weekend that Japan needs to postpone sales-tax hike to 2019; Nikkei says a delay will be announced Wed.; a delay could boost stocks, trigger a general election
  • 5-DMA at 110.20 above 10-DMA at 109.97
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283