Macro Roundup (May 29)

SHANGHAI, May 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index touched a five-month high last night at nearly 94.5 before it closed 0.18% higher at 94.41, as the US state department confirmed that a US-North Korea meeting will be held as scheduled. A weakening euro, to a low in six and a half months, also buoyed the US dollar.

SHFE base metals saw mixed trading last night as tin led the gains with an increase of 1.4% due to a tight supply of imported tin ore. Nickel rose 0.67%, while zinc grew 0.36% as social inventory declined and smelters in north China remained suspended for maintenance. The rest of base metals inched down.

Day ahead

Key things to watch today include the US S&P CoreLogic Case-Shiller home price index in March, the Conference Board consumer confidence index in May, and Federal Reserve Bank of St. Louis president James Bullard's presentation on the US economy and monetary policy in Japan. 

The US dollar index is likely to strengthen further if there is upbeat data from the US today, while base metals are expected to trade rangebound amid mixed trading. 

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