Forexlive Americas FX news wrap: Dip in PPI pulls down USD/JPY ...Middle East

US April retail sales +0.1% vs 0.0% expectedUS April PPI +2.4% vs +2.5% expectedUS initial jobless claims 229K versus 229K estimatePhiladelphia Fed Business index for May -4.0 vs -11.0 expectedUS May NAHB housing market index 34 vs 40 expectedUS April industrial production 0.0% vs +0.2% expectedEmpire manufacturing index for May -9.2 vs -10.0 estimateAtlanta Fed GDPNow Q2 rises to 2.5% from 2.3% priorEU's Sefcovic agreed with US Commerce Secretary Lutnick to accelerate trade talksUS business inventories for March 0.1% vs 0.2% estimateBank of Mexico cuts benchmark interest rate to 8.5% from 9.0%Fed's Barr says economy is on a solid footing, trade clouds the outlookFed's Powell discusses mon pol framework, doesn't comment on the outlook for ratesCanada March wholesale trade 0.2% vs -0.3% expectedWalmart offers a major warning on prices

WTI crude oil down $1.42 to $61.77US 10-year yields down 9 bps to 4.43%Gold up $60 to $3234CHF leads, NZD lagsS&P 500 up 0.4%

We got a full slate of data today and most of the numbers were close to estimates but PPI stood out as a softer indication and that led to Fed rate cut odds ticking higher, especially further out the curve. It also lent some relief in bonds as yields fell 7-11 bps across the curve.

The US retail sales data was somewhat comforting as it showed strong spending in bars and restaurants, which is typically one of the first things to go. Walmart did offer a stark warning about price rises though so that should keep the Fed in watch-and-wait mode.

The Canadian dollar was something of an outperformer in North American as oil and commodity prices rebounded from the earlier lows. Part of that was a bounce in oil prices after Iran said it hadn't received an deal offers from the United States. The risk picture also lent some support, though that wasn't seen in the other commodity currencies.

This article was written by Adam Button at www.forexlive.com.

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