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Quiet Session For Majors So Far

FOREX

The greenback is marginally higher than closing levels after finishing at the day's lows on Thursday.

  • AUD/USD is around 3 pips lower, unconcerned with PMI data. Preliminary May composite PMI fell to 58.1 from 58.9 previously. The decline was driven by services which saw a decline to 58.2 from 58.9 previously, while manufacturing rose to 59.9 from 59.7.
  • NZD/USD is currently down 1 pip, Following the budget yesterday FinMin Robertson told BBG Thursday evening that "for not we don't have a specific target [for net debt]," even as he wanted New Zealand to "return to a more sustainable fiscal position". Meanwhile, Robertson underscored the importance of New Zealand's relationship with China.
  • JPY is softer, USD/JPY around 3 pips higher. Japan April core CPI fell less than expected at -0.1%, the headline Y/Y reading fell 0.4% against consensus for a 0.5% decline. Preliminary May PMI readings are due at the bottom of the hour.
  • Offshore yuan is stronger, USD/CNH holding near yesterday's low. Markets await the fix after the PBOC fixed below sell side estimates, indicating a preference for a stronger yuan, for two of the last three sessions.

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