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Holiday Thinned Trade

FOREX

Markets in Australia, China, Hong Kong and Taiwan are closed today which is expected to keep liquidity thin and the economic docket light.

  • AUD/USD is flat. On the trade front Australian PM Morrison says Australia won't sign a rushed trade agreement with the UK unless it's "the right deal", adding his government wants to restart dialogue with China.
  • NZD/USD around 10 pips higher. The kiwi has shown little reaction to the release of the latest PSI, which fell to 56.1 in May from 61.2 prior, showing that the expansion in the services sector slowed from a record pace. BNZ commented that the index still sits above its long-term average of 53.8.
  • USD/JPY blipped higher in early Asia-Pac trade and last sits +5 pips at Y109.71, with very little to write home on broader headline flow so far. The yen lags all of its G10 peers at the margin, with USD/JPY still within the confines of Friday's range. Final industrial output will be released out of Japan today.
  • Offshore yuan is slightly stronger. The G7 communique over the weekend criticised China over human rights violations and other sensitive issues such as Hong Kong and Taiwan.
  • There were reports that the UK will extend lockdown for another four weeks from the scheduled end data on June 21, GBP unaffected by the reports currently, GBP/USD up around 11 pips.
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