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AUD/USD gained after Q1 GDP data printed 0.3ppts above estimates at 1.8% Q/Q, but came off best levels after the lockdown in Melbourne was extended by 7 days though the wider Victoria area was spared. The pair last up 6 pips.

  • NZD/USD up around 5 pips. RBNZ head of financial markets Rayner said that the balance sheet will remain large for a long time, and that new monpol tools will likely remain mainstream for as long as global rates remain near record lows. There was also an interview with RBNZ Gov Orr doing rounds, he said strong global demand for New Zealand primary products is ensuring the economy remains resilient during the Covid-19 pandemic and is helping offset tourism losses. Data earlier showed New Zealand terms of trade rose 0.1% Q/Q against estimates of a 0.3% decline.
  • JPY lost some ground, USD/JPY up 15 pips heading into the European session. BoJ's Adachi gave a speech and was positive on the economy while reiterating his dovish leanings saying the BoJ needed to maintain its ultra-loose policy.
  • The yuan moved in a narrow range, USD/CNH last down 13 pips. The PBOC fixed USD/CNY 4 pips below sell side estimates, the first fix indicating a preference for a stronger yuan in four days. US Tsy Sec Yellen held an introductory virtual meeting with the Vice Premier Liu He and said talks were constructive.
  • GBP/USD is higher as sterling gains. Comments from Japan economy minister Nishimura indicated the process of getting the UK to join as a member of the TPP in underway.
  • TRY collapsed to a record low against the greenback after President Erdogan called on the central bank to cut rates in a bid to reduce inflation.

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