ING Economic and Financial Analysis

The pound weakened to its lowest level against the US dollar and euro since Sep/Oct 2017 on Wednesday. It's not all down to Brexit.GBP: Current weakness may be due to seasonal factorsThe pound...

Trade data has yet to reflect the full impact of tariffs, as export and import growth surprised on the upside. But smaller monthly bilateral trade between China and the US shows the tariffs have...

The recent depreciation of the yuan hasn't seen massive capital outflows from China and surprisingly the country's foreign exchange reserves have increased to $3117.95 billion. Going forward, we...

The June drop in industrial production is too small to affect a solid growth performance over the entire second quarterBroad-based declineGerman industrial production took a hit in June, dropping by...

Disappointing new orders data show tentative signs of trade tensions hitting the German economy, which doesn't bode well for the industrial outlook in the second half of the yearGerman industrial...

China retaliates with the US raising tariffs from 10% to 25% on $200 billion of goods. At the same time, the central bank imposes 20% reserves on short yuan derivatives to prevent capital outflows...

US payrolls growth of 157,000 is disappointing but there were upward revisions, and forward-looking indicators suggest more big jobs gains to come. Mixed report The July US jobs report shows payrolls...

A disappointing service sector PMI has dragged the composite downwards. Brexit is a growing worry for business and Carney's warnings won't help.The July reading of the UK’s composite purchasing...

The Federal Reserve has left policy unchanged. The accompanying statement continues to provide an upbeat assessment, necessitating ongoing “gradual” interest rate hikes. The Federal...

President Trump’s penchant for shaking things up has evidently, although presumably not intentionally, spread to data relationships. What is causing this and will things ever return to...

Taiwan's GDP surpassed our expectations, which is why we marginally revise our annual forecast to 2.48%. But if the trade war continues to escalate, we expect export-related manufacturing activities...

The Bank of Japan tweaked its unconventional policy artillery but the super-easy stance is still very much in place. Here's what it means for yields and the yenJPY: BoJ’s subtle dovish policy...

Both manufacturing and non-manufacturing PMI points to expectations of slower export-related activities, including logistics. Luckily domestic services are still holding up wellThis is just the...

German inflation provides little evidence of a sustainable increase in underlying inflationBased on the results of seven regional states, German headline inflation recorded another marginal drop and...

We don't expect tomorrow's release to turn any heads. But economic data tells the story of how Canada is reaping the rewards of an exceptionally strong US economy - despite the ongoing trade tensions...

A pound under the political cosh is unlikely to find much love from a dovish 25bps BoE rate hike at the August 'Super Thursday' meeting. The tail risk of no rate hike this week would be the equivalent...