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AUD, NZD Reverse Winning Streak

FOREX
  • Antipodean currencies snapped an extended winning streak Friday, prompting NZD and AUD to underperform all others into the Friday close. NZD/USD returned below the 50- and 100-dmas, but still managed to hold decent weekly gains.
  • Markets largely shrugged off the release of the US Treasury's FX report, despite the US noting that Switzerland, Taiwan and Vietnam all met the criteria to be tagged as an FX manipulator. The SNB responded by reaffirming their commitment to CHF intervention to ensure domestic price stability. The CHF was among the session's best performers, alongside CAD.
  • The USD index continues to oscillate either side of the 50-dma, with the trajectory of US yields still a key driver. The Treasury curve flattened modestly Friday, helping keep a lid on the greenback.
  • Focus in the coming week turns to the ECB rate decision, a slew of UK data including inflation and jobs numbers as well as the prelim April global PMIs. Rates decisions from the Canadian, Indonesian and Russian central banks also cross.
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