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Markets More Sanguine as Equities Recover Off Lows

FOREX
  • Price action is more sanguine early Tuesday, with most major pairs inside the weekly range headed into the NY crossover. Risk off persisted in early Asia hours, with US futures markets sinking further alongside US yields - this prompted a spell of further USD strength and put AUD/USD at new cycle lows of 0.6911, before markets stabilised through early European hours.
  • Scandi currencies trade more solidly, with NOK leading markets higher following the more solid than expected April CPI release from Norway. Y/Y underlying CPI beat median by 0.2ppts to touch 2.6% - the highest since early 2021. This prompted a reversal of EUR/NOK off the multi-month highs, and now sits below 10.20.
  • GBP is the poorest performer of the day, with EUR/GBP testing last week's highs of 0.8591 ahead of the formal opening of parliament and the setting out of the government's policy agenda. Market focus will be trained on two likely areas of the speech. The first,the gov'ts efforts to boost the economy amidst rising inflation. Second is any potential legislation related to the Northern Ireland protocol within the Brexit Withdrawal Agreement.
  • Tier one data releases are few and far between Tuesday, keeping focus on the central bank speaker slate. Fed's Williams, Barkin, Waller, Kashkari and Mester as well as ECB's de Cos, Nagel, Villeroy and de Guindos are due.
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