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Early Moves Reversed As USD Slips

FOREX

Initial gains in the greenback were reversed as the session wore on, as a result AUD and NZD both head into the European open in positive territory, while JPY has firmed.

  • AUD/USD up 13 pips, Victoria state reported 5 new COVID-19 cases, gains were supported by higher iron ore prices. Data showed private sector credit rose 1.3% Y/Y against estimates of a 1.4% rise.
  • NZD/USD is up around 6 pips, ANZ activity outlook fell to 27.1 in May, while business confidence fell to 1.8.
  • USD/JPY is down 19 pips, domestic prelim. industrial production and retail sales both missed expectations.
  • Offshore yuan is in positive territory, reversing losses of around 120 pips earlier in the session. May manufacturing PMI missed estimates at 51.0, which was slower than April's expansion, while non-manufacturing PMI rose to 55.2, the PBOC also fixed USD/CNH 26 pips above sell side estimates, indicating a preference for a weaker yuan after several commentary pieces expressing the same over the weekend.
  • SNB's Joran gave an interview to a Swiss newspaper over the weekend, he noted that CHF remains highly valued but noted this worked to dampen inflation. USD/CHF is down 10 pips.
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