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FOREX: NZD was comfortably the worst G10 performer, despite paring some of the
losses registered in reaction to the downbeat NZ labour market report. Although
the headline unemployment rate fell to 4.2% from 4.3%, this was due to a decline
in participation rate, as employment change moved into negative territory on a
Q/Q basis. Wage data also provided disappointment, save average hourly earnings,
adding to the generally pessimistic picture.
- GBP edged higher vs. its G10 peers on cautious optimism re: cross-party Brexit
talks. AUD drew a degree of support from firmer iron ore and domestic data, with
AiG m'fing PMI accelerating to 54.8 and CoreLogic house price gauge falling at a
slower pace. CAD also gained, even as WTI softened overnight.
- Japan, China, Hong Kong, Singapore and South Korea were off for holidays.
- Focus today turns to the U.S. FOMC MonPol decision, as well as the
accompanying presser with Fed Chair Powell. ECB's de Guindos, as well as BoC's
Poloz & Wilkins are due to speak, with U.S., UK & Canadian m'fing PMI, as well
as U.S. m'fing ISM also due. Worth noting May Day holidays across mainland
Europe will keep many markets closed.