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Risk Currencies Tick Higher Against The USD, JPY, Australian Retail Sales Due Soon

FOREX

The USD is ticking lower against higher beta FX in early Wednesday dealings. The market tone is slightly risk on, but overall moves are very modest at this stage. The USD BBDXY index is back near 1268.9, slightly off end NY Tuesday levels.

  • Equity sentiment has started positive in Asia Pac markets, following US gains from Tuesday trade, aided by the yield pull back. US equity futures are down a touch but losses are less than 0.10% at this stage.
  • US yields have started Wednesday trade softer, but yield dips are less than 1bps at this stage.
  • AUD and NZD are both near 0.05% higher at this stage. AUD/USD last near 0.6670/75, NZD/USD close to 0.6080.
  • USD/JPY is relatively steady, last near 161.50/50, leaving yen underperforming at the margins. EUR/USD has ticked up through 107.50.
  • Looking ahead we have May Australian retail sales on tap. The market expects a 0.3% m/m gain (prior was 0.1%). The Caixin services PMI prints in China shortly after this, with the market expecting 53.4, versus 54.0 prior.
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