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Greenback Continues Decline In Early Trade

FOREX

The greenback continues its decline in Asia-Pac trade on Tuesday with UK and US participants set to return later today following a long weekend.

  • AUD/USD 6 pips higher, final May manufacturing PMI came in at 60.4 from 59.9 previously, while ANZ Roy Morgan weekly consumer confidence printed 111.4 down from 114.2 last week. CoreLogic house prices rose 2.3% M/M in May from 1.8% in April. Markets look ahead to the RBA decision later in the session.
  • NZD/USD is 3 pips higher, data showed New Zealand April home building approvals rose 4.8% M/M from a revised 19.2% rise in March.
  • Yen is stronger, USD/JPY down 14 pips. There are reports that organisers are preparing to hold the Olympics with spectators. Data showed Q1 capital spending fell more than expected at -7.8% Y/Y, consensus -6.8%, capital spending ex-software came in at -9.9% Y/Y against estimates of -7.6%. Companies sales print -3.0% Y/Y, profits rose 26.0% after falling 0.7% in Q4.
  • Offshore yuan is stronger, USD/CNH down 32 pips, the pair reversing some of Monday's move after the PBOC acted to increase the RRR from 5% to 7% effective June 15 to slow yuan appreciation.
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