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Quiet Start

FOREX

Another quiet start to the session on Tuesday with markets already keeping one eye on the Fed later this week.

  • AUD and NZD both flat. Data earlier showed New Zealand May food prices rose 0.4% M/M compared to a 1.1% rise last time out, while house prices rose 1.5% M/M in May and 24.7% Y/Y.
  • In Australia the UK and Australia are set to announce a free trade agreement in principle later today, markets await RBA minutes later in the session.
  • JPY is flat, there were reports earlier that the BoJ is said to see tweaks made in March as helping bond market pricing, meaning he bank will not again on the function for now. COVID matters continue to dominate the local news backdrop, with suggestions that the panel advising the prefecture of Okinawa sees the need for an extension of the state of emergency in play at present (with a ~2-week extension supposedly touted).
  • Offshore yuan is weaker but still well within yesterday's range as markets return from a holiday on Monday. There was a report in Financial News that the yuan could face pressures to depreciate in the second half of 2021. There were also reports that the PBOC could add liquidity to the system in June.
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