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Sentiment on ZAR Remains Bearish

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FOREX

The greenback slightly higher in early Asia-Pac trade after falling from highs into the close on Wednesday. There were late reports from the US that a Republican Senator was encouraged after infrastructure talks with US President Biden.

  • AUD/USD is around 8 pips higher, data showed Services PMI fell slightly to 58 in May from 58.8 in April, Composite slipped to 58 from 58.9. While the readings slipped activity remains robust.
  • NZD is 2 pips lower, RBNZ Deputy Gov Bascand spoke late on Wednesday and said that loose policy will not last forever and noted supply driven price pressures.
  • JPY is slightly softer, USD/JPY is up 7 pips. Recent headline flow from the Asahi suggested that PM Suga is likely to call a snap election in the Autumn, after the end of Paralympic games. The report also suggested that the government is considering compiling a new stimulus package ahead of the snap election.
  • Yuan is flat, USD/CNH down 1 pip after finishing flat on Wednesday. There was a report in China Securities Journal that the PBOC are expected to inject more liquidity in June, while headlines that US President Biden is planning on amending a US investment ban on companies linked to China's military also crossed the wires.

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