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JPY Tops The Pile

FOREX

JPY is top of the G10 pile so far, USD/JPY down 14 pips at 108.95. Data earlier showed labor cash earnings rose 0.2% Y/Y in March against an expected 0.2% decline, real cash earnings rose 0.5% against an expected flat reading. Elsewhere the Japanese gov't may extend and expand the Covid-19 state of emergency, with final decision expected today. Emergency declarations in Tokyo & Osaka may be extended through the month-end, with Kyoto & Hyogo also planning to seek extensions.

  • AUD also seeing a fresh bid early on in Asia, earlier on NSW Premier Berejiklian ruled out a lockdown in Sydney at this stage, despite the discovery of a small cluster of coronavirus cases. Data earlier today from AIG showed the April Services Index rose 2.3 points to 61.0, input costs and employment were the biggest gainers, while wages and capacity utilization lagged.
  • NZD is currently flat on the session, New Zealand paused quarantine-free travel arrangement with Australia's NSW for 48 hours yesterday, pending the results of a probe into two new Covid-19 cases in Sydney. New Zealand also drew ire from China after recognizing human rights abuses against the Uyghur community in Xinjiang.
  • GBP is gaining, there were reports in the Telegraph that UK PM Johnson will confirm the latest checkpoint on the coronavirus timeline and change mask guidance for schools from May 17.
  • CNH moving in a narrow range awaiting Caixin Services PMI and trade data due later in the session.
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