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AUD/JPY Can't Break Back Above 50 Day MA


NFPs Near


Outlook Remains Bearish


(U2) Technical Outlook Still Positive

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  • EM PMIs continue to struggle vs DM as the effects of the pandemic and various idiosyncratic factors continue to weigh on the domestic recovery narratives – creating an uneven/volatile trajectory relative to the likes of the US.
  • SA marked a fresh uptick in PMIs in May, continuing to lead its EM peers by some margin
  • Turkey remains the notable laggard, struggling with weak sentiment amid high CBRT turnover and an acute credibility deficit with markets expecting premature rate cuts to continue to force TRY depreciation.
  • Russia continues to muddle along above the 50 mark, with the hope that the Putin-Biden Summit in June will ease geopolitical tensions and boost foreign participation in Russian markets

  • Source: BBG/MNI

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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