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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Risk Assets Bid In Early Trade


Several markets in Asia are closed for public holiday's today, which is likely to keep liquidity thin; Singapore, Indonesia, Thailand, Malaysia and India are all closed today.

  • AUD/USD is around 5 pips higher, despite reports of 10 new local virus cases in the past 24 hours and gathering restrictions imposed. Markets look ahead to Australia Q1 Construction Work Done later in the session.
  • NZD/USD is around 5 pips higher. Data earlier showed April's trade balance widened to NZD 388m from NZD 33m in April. Exports in April were NZD 5.73bn, while imports were at NZD 4.98bn. The RBNZ are set to deliver their monetary policy decision & unveil the latest economic forecasts today, no policy shift is expected.
  • JPY pairs mostly flat, PPI rose 1.0% slightly above estimates of 0.9%. On the COVID front, the NHK has suggested that the Tokyo Metropolitan Government is considering asking the central government to extend a coronavirus state of emergency in the capital that's due to expire May 31, with officials reportedly concerned about a resurgence if the emergency is lifted too soon.
  • USD/CNH is lower as the yuan strengthens. There was a report in the China Securities Journal that analysts expect the yuan to appreciate in the near term due to the domestic recovery, a trade surplus and weaker USD.

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