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Pre-NFP Lull Expected

FOREX

Little of note in the Asia-Pac session so far with a limited data docket coupled with pre-NFP lull expected to keep activity subdued.

  • AUD/USD up 4 pips, on the coronavirus front Victoria reported four new cases of coronavirus in the past 24 hours. The lockdown has been extended to 14 days in total, meaning it will now end on June 10.
  • NZD/USD hovers around neutral levels. Data earlier showed construction work done rose 3.7% in Q1 against estimates of 3.0%.
  • JPY is softer, USD/JPY up 2 pips. The pair did initially drop after strong household spending data but the move quickly reversed, the figure rose 13.0% Y/Y in April, above estimates of 8.7%.
  • Offshore yuan is keeping to a tight range after weakening on Thursday as the greenback rose. There were reports in the China Securities Journal that analysts say expectations of yuan appreciation have abated, noting yuan is under pressure from seasonal FX demand from overseas-listed Chinese companies for dividend payments.
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