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Greenback Offered Amid Better Sentiment, Aussie Rises Post-Retail Sales

FOREX

Positive risk sentiment lingered on after a solid session on Wall Street, supported by an early bid in Chinese equities. Offshore yuan garnered some strength, which radiated across G10 FX space. The redback shrugged off a plunge in Chinese industrial profits amid hopes for more policymaker support, as local governments are accelerating special bond issuance to stabilise investment and growth.

  • The greenback fell prey to better risk appetite and landed at the bottom of the G10 pile, as the dollar index (DXY) pulled back from a one-week high, even as U.S. e-mini futures slipped. Traditional safe havens JPY and CHF also faced headwinds.
  • On recent yen moves, Japan PM Kishida said they have been driven by different factors and the government is focusing on easing the impact on households and businesses. He added that FX moves are expected to stabilise on the back of steps to avoid the outflow of funds from Japan.
  • The Antipodeans set the pace for gainers in G10 FX space. AUD/USD climbed to a three-week high after Australia's retail sales rose 0.9% M/M (vs. BBG est. +1.0% M/M) to a fresh record in April, suggesting that household spending remains healthy despite rising costs of living.
  • U.S. PCE, wholesale inventories and U. of Mich. Sentiment as well as comments from ECB's Lane take focus from here.
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