Foreign Exchange
View:
May 22, 2026
May 21, 2026
U.S. May S&P PMIs - Manufacturing stronger still, Services still subdued
May 21, 2026 1:59 PM UTC
May’s preliminary S and P PMIs show increasing strength in manufacturing at 55.3 from an already significantly improved 54.5 in April, reaching its highest since May 2022. Services at 50.9 are however marginally softer from April’s 51.0, but still holding above March’s dip below neutral to 49.
U.S. Initial Claims, May Philly Fed, April Housing Starts and Permits - Mixed data gives no clear signals of strength or weakness
May 21, 2026 1:15 PM UTC
The latest data is mixed, initial claims in line with expectations and showing signs of stabilizing at a still low level. May’s Philly Fed manufacturing survey is weaker than expected but with positive 6-month expectations, both on activity and prices. April housing starts and permits are on the
FX Daily Strategy: N America, May 21st
May 21, 2026 9:00 AM UTC
Eying risk and bonds out of Nvidia, auction and Minutes
Big picture, have some seen re-pricings within established ranges (EUR/USD 1.15-1.20 give or take)
Need to see more decisive developments on Iran and/or asset volatility to be making new strides
Global PMI data in focus
FX Daily Strategy: Europe, May 21st
May 21, 2026 4:21 AM UTC
Eying risk and bonds out of Nvidia, auction and Minutes
Big picture, have some seen re-pricings within established ranges (EUR/USD 1.15-1.20 give or take)
Need to see more decisive developments on Iran and/or asset volatility to be making new strides
Global PMI data in focus
May 20, 2026
FX Daily Strategy: Asia, May 21st
May 20, 2026 9:00 PM UTC
Eying risk and bonds out of Nvidia, auction and Minutes
Big picture, have some seen re-pricings within established ranges (EUR/USD 1.15-1.20 give or take)
Need to see more decisive developments on Iran and/or asset volatility to be making new strides
Global PMI data in focus
FX Daily Strategy: APAC, May 21st
May 20, 2026 3:04 PM UTC
Eying risk and bonds out of Nvidia, auction and Minutes
Big picture, have some seen re-pricings within established ranges (EUR/USD 1.15-1.20 give or take)
Need to see more decisive developments on Iran and/or asset volatility to be making new strides
Global PMI data in focus
Preview: Due May 21 - U.S. April Housing Starts and Permits - A mixed picture but trend may slow in Q2
May 20, 2026 12:31 PM UTC
We look for April housing starts and permits to both see levels of 1.40m, for starts a fall of 6.8% after a rise of 10.8% in March, and for permits a rise of 2.7% after a fall of 11.4% in March.
Europe Summary and Highlights 20 May
May 20, 2026 9:36 AM UTC
UK CPI softer, but PPI firmer and focus elsewhere on future developments
Oil trims, but part of a wider holding pattern as mkt navigates more verbal noise than signal on Iran for now
Tech risk eyes Nvidia the next focus
US20yr auction an d Fed Minutes of interest for USTs
May 19, 2026
Preview: Due May 28 - U.S. April New Home Sales - Trend has little direction
May 19, 2026 2:48 PM UTC
We expect an April new home sales total of 665k, which would be a decline of 2.5% in March’s 7.4% increase to 682k sees no revisions. Over the last three years, movements outside a 650-700k range have trended to be brief though November 2025 hit a high of 748k and January 2026 a low of 583k.
Canada April CPI - Excluding energy inflation is falling
May 19, 2026 12:59 PM UTC
April Canadian CPI is clearly softer than expected, with the acceleration to 2.8% yr/yr from 2.5% due to a drop in the year ago base due to the abolition of the carbon tax. Current energy strength is being offset by weakness elsewhere. The Bank of Canada’s three core rates are all softer, with CPI
FX Daily Strategy: N America, May 19th
May 19, 2026 9:14 AM UTC
Erratic Iran headlines continues, glass half full and empty reads
Stretched positioning still dominates, keeping dollar propped
Oil still sets the tone, but along with other areas of risk build up
UK labour market soft, favouring BoE caution; Burnham reassures
Canada CPI likewise seen implying little im
FX Daily Strategy: Europe, May 19th
May 19, 2026 4:06 AM UTC
Some better Iran headlines help mkt work off o/s moves, but not getting carried away
Bar clear positive news, stretched positioning still dominates providing capping
Oil still sets the tone, but along with other areas of risk build up
UK has labour market data, Canada CPI, neither seen implying pressur
May 18, 2026
FX Daily Strategy: Asia, May 19th
May 18, 2026 9:00 PM UTC
Some better Iran headlines help mkt work off o/s moves, but not getting carried away
Bar clear positive news, stretched positioning still dominates providing capping
Oil still sets the tone, but along with other areas of risk build up
UK has labour market data, Canada CPI, neither seen implying pressur
FX Daily Strategy: APAC, May 19th
May 18, 2026 3:29 PM UTC
Some better Iran headlines help mkt work off o/s moves, but not getting carried away
Bar clear positive news, stretched positioning still dominates providing capping
Oil still sets the tone, but along with other areas of risk build up
UK has labour market data, Canada CPI, neither seen implying pressur
Preview: Due May 19 - Canada April CPI - Stronger overall but with slower core rates
May 18, 2026 12:14 PM UTC
We expect April Canadian CPI to bounce to 2.9% yr/yr (2.94% before rounding) from 2.4% in March, most of the acceleration due to April 2025 having seen the abolition of a carbon tax, thus lowering the year ago base relative to March. We expect the Bank of Canada’s core rates to be on balance softe