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Month-End Flow a Focus

  • The greenback is moderately higher Friday morning, helping bump the USD Index back above the 90.00 handle. Similarly, the EUR trades more favourably, with month-end flow a focus into the early US close. Despite the final May fix falling on Monday, the US and UK market holidays may prompt participants to bring forward month-end flow into today's close. Most sell-side models point to a weak requirement to buy USD.
  • Antipodean FX trades weaker, with AUD and NZD the poorest performers so far Friday. AUD/USD sits just above 50-dma support at 0.7714 while NZD/USD is edging off the multi-month highs posted this week at 0.7316.
  • China FX remains a focal point, with CNH & CNY again stronger and hitting the highest level against the USD since 2018.
  • Today's MNI Chicago PMI will be a highlight, with markets expecting the pace of expansion to slow to 68.0 from 72.1. April PCE data also crosses alongside the latest personal income/spending update. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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