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Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

FOREX: A dire labour market report released out of Australia knocked AUD on its
head and added fuel to existing risk-off flows. Breakdown figures were bleak
across the board, with an above-forecast surge in unemployment rate underpinned
by a drop in employment coupled with a surprise decline in participation rate.
- NZD ticked higher in the lead-up to New Zealand's Q1 GDP, seemingly as RTRS
ran incorrect figures ahead of time, suggesting that the data topped exp.
Below-forecast official readings prompted NZD to erase those gains.
- USD/CNH inched higher after the PBoC trimmed the interest rate applied to its
14-day reverse repo ops, but took a nosedive later on. Lack of negatives in
off'l communique after a meeting between Chinese & U.S. top diplomats lent the
yuan a helping hand and prompted the partial unwinding of earlier risk aversion.
- JPY managed to stay atop the G10 pile, with the Antipodeans bringing up the
rear. However, USD/Asia ebbed lower, with KRW taking the lead in the region.
- Central bank action takes focus today, with the BoE, SNB, Norges Bank & Bank
Indonesia set to deliver monetary policy decisions. Fed's Mester & Bullard,
BoE's Broadbent & Tenreyro, ECB's Holzmann & BoC's Schembri will speak.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |