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16 May 2019

Focus on U.S. housing and manufacturing data - TDS

Analysts at TD Securities are expecting the U.S. housing starts to recover to 1,209k in April (+6.2% m/m), following two consecutive monthly declines that brought starts lower from 1,298k in January.

  • Recent weakness has mostly been driven by a soft showing in starts in the single-family segment.
  • Separately, the Philly Fed survey is expected to show a minor improvement in manufacturing activity to 9.0 following a -5.2 decline to 8.5 in April. This will be the second look on the manufacturing sector for May after the stronger-than-expected increase in activity reported by the NY Empire survey.

Market Focus
  • Eurozone annual inflation up to 1.7% in March
  • China's central bank will not let yuan decline past 7 to the dollar - sources
  • European car sales drop in April for 8th straight month - ACEA
  • BOJ Governor Kuroda: BOJ may keep low rates well over year, dismisses debt monetisation

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