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Rangey In Pre-NFP Lull

FOREX

Limited movement with narrow ranges ahead of US NFP later today. AUD/USD and NZD/USD both hovered around neutral.

  • In Australia notes from Westpac and NAB garnered some attention with Westpac predicting the RBA will change to a flexible QE regime and NAB forecasting the RBA will not roll its YCC forwards to Nov 2024.
  • In New Zealand data earlier showed construction work done rose 3.7% in Q1 against estimates of 3.0%.
  • JPY stronger, USD/JPY down 8 pips while EUR/JPY down 22 pips. Data earlier showed household spending rose 13.0% Y/Y in April, above estimates of 8.7%.
  • Offshore yuan is slightly weaker, USD/CNH rising above 6.40 and breaking yesterday's high.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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