Antipodeans Sag In Quiet Asia-Pac Trade, USD Gains Ahead Of Local CPI Report

The Antipodeans traded on a softer footing in the quiet Asia-Pac session, even as a positive showing from core equity markets suggested that yesterday's risk aversion has petered out. BBG trader sources flagged light NZD/USD sales ahead of the upcoming monetary policy decision from the RBNZ, even as March data showed recovery in local card spending.

• AUD briefly edged away from session lows after the latest NAB Business Conditions hit record high, even as headline Confidence Index deteriorated at the margin. Resultant recovery in AUD was rather shallow and short-lived.
• The greenback led gains in G10 FX space, with the DXY clawing back yesterday's losses. USD/JPY gained into the Tokyo fix and remained afloat thanks to demand for the dollar.
• The PBoC set its central USD/CNY mid-point at CNY6.5454, 12 pips below sell-side estimate. China's trade balance unexpectedly shrank in Mar, as a miss in exports was coupled with a beat in imports. The redback showed little reaction to the data.
• U.S. CPI, German ZEW Survey, UK economic activity indicators take focus on the data front, with Fed's Harker, Daly, Barkin, Mester, Bostic & Mester, ECB's Villeroy & Norges Bank's Olsen due to speak.