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FOREX: Positive risk environment endures, JPY falls to 3m low
- The winning streak in global equities continued Wednesday, with US markets
hitting new recovery highs as cyclical stocks continue to outperform defensives.
As a result, currency markets continue to position for a smooth recovery from
the April / May dip, with JPY and USD hitting further multi-month lows on a
trade-weighted basis.
- Wednesday's initial catalyst was a surprising improvement in data, with both
ADP employment change and the non-manufacturing ISM release both beating
expectations. The risk sentiment was most evident in EUR/JPY, which now trades a
stone's throw from the YTD highs in January.
- NZD overtook oil-tied FX as the best performer, as indecisiveness over a
Thursday OPEC+ meeting dragged the likes of NOK from recent highs.
- Australian retail sales & trade balance and weekly US jobless claims are the
data highlights Thursday. The ECB rate decision is also due, with the bank seen
topping up their PEPP program in an effort to stem a protracted Coronavirus