EUR/USD
1.16423
-0.112%
Gold
4547.77
-0.402%
Oil
102.813
0.786%
USD/JPY
159.037
0.118%
GBP/USD
1.34126
-0.149%
GBP/JPY
213.315
-0.028%
Real-time News
May 19th - Daiwa Securities economist Kento Minami stated that despite Tuesdays GDP data showing robust export growth from January to March, exports are expected to face downward pressure in the future. He pointed out, "Exports to the Middle East will continue to face direct downward pressure due to the closure of the Strait of Hormuz, while production cuts caused by domestic supply constraints are expected to drag down overall merchandise exports." He added that inbound tourism (a component of exports in GDP data) has already slowed due to fewer tourists and may weaken further due to rising fuel surcharges.On May 19th, the UK Office for National Statistics stated on Tuesday that tax data showed labor demand was weakening as the war with Iran continued, leading to significant job cuts by British employers in April. Following a decrease of 28,000 employees on payroll in March, April saw a further reduction of 100,000, far exceeding economists expectations of a 10,000 drop, with the retail sector accounting for the largest share. The UKs three-month ILO unemployment rate rose to 5% in March from 4.9% in February, while the number of job vacancies fell to its lowest level since 2021. Economists are lowering their 2026 economic growth forecasts due to another energy shock triggered by the Middle East conflict. Despite a healthy 0.6% growth in the first quarter, forecasters expect UK economic growth to return to a more subdued level for the remainder of the year.According to the Islamic Republic News Agency (IRNA), Irans Deputy Foreign Minister stated that the proposal also includes ending the war between the parties, including those in Lebanon, and the withdrawal of US troops from areas near Iran.A Bank of America survey showed that cash levels (among respondents) fell to 3.9% in May from 4.3%, the largest monthly drop since February 2024.A Bank of America survey found that 40% of respondents considered a second wave of inflation to be the biggest tail risk.
