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JPY Remains G10 Underperformer

FOREX

The greenback has built on its gains in early APAC trade, though is still within yesterday's range. There were reports that US President Biden plans to omit estate tax expansion from the upcoming economic plan, reneging on a campaign promise due to uncertain partisan support.

  • AUD/USD is down a handful of pips, markets looking ahead to CPI data later in the session where a robust reading is expected thanks in part to a low base effect.
  • NZD/USD under more pressure, down around 14 pips; the latest report from interest.co.nz noted that the RBNZ "plans to respond in late-May to the Government's request for more information on restricting interest-only mortgages and lending to people seeking large mortgages compared to their incomes." The advice will be released separately from the upcoming Financial Stability Report.
  • JPY remains the G10 underperformer, USD/JPY is up 16 pips. The decline in JPY comes despite a beat in retail sales. The March Y/Y figure rising 5.2% against 4.7% estimated. Elsewhere Asahi reported that Japan considers raising Covid subsidies for store closures during the state of emergency.
  • Offshore yuan is weaker, USD/CNH rising towards the top of yesterday's range, last at 6.4848, up 45 pips. A story in the FT said that China is set to report its first population decline since the People's Republic was founded in 1949. This could have significant implications for China's economy.
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