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NZD Laggard

FOREX

Little in terms of headline flow so far, USD holding near Thursday's closing levels. AUD is flat, unmoved by preliminary PMI data. Services PMI rose to 58.6 from 55.5, while Manufacturing PMI rose to 59.6 from 56.8.

  • NZD trading heavy, NZD/USD down 12 pips. New Zealand announced it would ban arrivals from India, Brazil, Papua New Guinea and Pakistan due to high coronavirus risk. Chance a reduction in LSAP will be announced today, but not expected to provide immediate impetus.
  • JPY is firmer, but USD/JPY off lows. Data showed core CPI fell 0.1% on the month, a slower pace of decline than the 0.2% drop expected. This is the eighth straight month of declines, the outlook is negative as pandemic-related business restrictions have increased in severity amid a pick up in virus cases. April PMI is due later in the session
  • CNH is stronger, USD/CNH giving back some of Thursday's rise which saw it stall at 6.50. There were reports that the COVID-19 mRNA vaccine developed jointly by BioNTech and China's Fosun Pharma is expected to be approved in China before July.
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