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Bull Steepening Observed

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A$ Surges On Equity Bounce

AUSSIE 10-YEAR TECHS

(U2) Bull Cycle Still In Play

AUSSIE 3-YEAR TECHS

(U2) Still Above Key Support

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ABS To Release New Monthly CPI

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FOREX
FOREX: Markets lack any major direction as Europe returns from May Day holiday
-While volumes and participants have returned, price action hasn't and markets
have generally been drifting throughout the European morning ahead of today's
FOMC decision and jobs report on Friday.
-The greenback is modestly weaker against most others, but well within recent
ranges as the USD index holds above the 200-dma. ADP employment data and the
FOMC decision later today will be key for any continuation of the recent trend.
-After touching a YTD low yesterday, AUD has improved slightly today alongside
NZD, with the latter receiving a boost from the mildly stronger earnings data
released late yesterday. Australia's monetary policy statement on Thursday will
dictate direction in the short-term.
-GBP is broadly mixed but higher against both the USD and EUR as April
construction PMI beat expectations despite recent concerns over poor economic
performance that came alongside, and not because of, inclement weather in
February/March.
-ADP employment change, FOMC decision and ECB's Weidmann populate the calendar.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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