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Russia 1Q21 GDP Prints Above Expectations

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  • Antipodean currencies are bouncing early Wednesday, with NZD the strongest in G10 after a solid jobs data release overnight which saw the unemployment rate unexpectedly shed 0.2 ppts. This sees NZD/USD bounce back above the 50-dma at $0.7141, with the week's highs of $0.7212 the next target.
  • The USD is firmer after an eventful week, with the USD Index showing above Tuesday's best levels to near the 50-dma resistance at 91.7426.
  • The weakest currencies so far Wednesday are CHF, EUR and SEK, while NZD, AUD and CAD outperform.
  • Today's ADP Employment Change and ISM Services Index numbers will be carefully watched for any further clues ahead of Friday's Nonfarm Payrolls update. Monday's Manufacturing ISM number may have tempered expectations, but markets still expect further resilience in today's ADP number (Exp. +850k, Prev. +517k). Central bank speakers include ECB's Vasle and Lane, with Fed's Evans, Rosengren and Mester also due.