May 20, 2024 04:50 GMT
A$ Outperforms On Higher Metals, Steady Trends Elsewhere
FOREX
The BBDXY USD index sits a touch under end levels from last week, last around 1244.80/85. Overall trends have been fairly muted in the FX space in Monday trade to date.
- AUD/USD has outperformed marginally, up around 0.20%. Commodity prices remain favorable from a metals standpoint, with copper hitting a fresh record high. Regional equity sentiment is mostly positive as well.
- US equity futures are marginally higher as well, while US yields are down a touch, losses are close to 1bps at this stage.
- AUD/JPY is tracking higher, last near 104.45. We aren't too far away from late April highs of 104.94.
- USD/JPY has risen a touch but hasn't broken back above 156.00 (the pair last 155.75/80).
- NZD/USD is down a touch to 0.6125/30. A Q2 RBNZ survey of inflation expectations showed households saw a slightly lower median expected inflation rate for the next two years at 3% from 3.2% in 1Q. The RBNZ meeting on Wednesday is expected to be unchanged.
- Later the Fed’s Bostic, Barr, Waller, Jefferson and Mester speak. There are no data of note.
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