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Steady G10 FX Start, BoJ Bond Ops, China PMIs Coming Up

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It has been a relatively steady start for G10 FX markets. The BBDXY is little changed at 1252.3.

  • Cross asset sentiment is seeing further weakness in US equity futures. Eminis down 0.30% at this stage. This isn't providing any meaningful USD boost though. US yields are down a touch in the first part of trade.
  • USD/JPY is up modestly, last around 156.90/95, the pair finding some selling interest above 157.00 though
  • We have had a number of Japan data prints with most focus on the Tokyo CPI outcome. It showed an as expected rise in y/y momentum (headline back to 2.2%), but the detail showed further slowing in some core measures and not much sequential rise in inflation pressures outside of a rise in utilities.
  • Other data showed a steady unemployment rate at 2.6%, while IP fell -1.0% y/y, close to forecasts. Retail sales rose 2.4%y/y, against a 1.7% forecast.
  • AUD/USD is down a touch, just near 0.6630, while NZD/USD is close to 0.6115, showing little change for the session.
  • Coming up with have BoJ bond buying ops, then the official China PMIs for May. Also note later on Japan MoF intervention data will be in focus (out around 7pm Tokyo time).
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It has been a relatively steady start for G10 FX markets. The BBDXY is little changed at 1252.3.

  • Cross asset sentiment is seeing further weakness in US equity futures. Eminis down 0.30% at this stage. This isn't providing any meaningful USD boost though. US yields are down a touch in the first part of trade.
  • USD/JPY is up modestly, last around 156.90/95, the pair finding some selling interest above 157.00 though
  • We have had a number of Japan data prints with most focus on the Tokyo CPI outcome. It showed an as expected rise in y/y momentum (headline back to 2.2%), but the detail showed further slowing in some core measures and not much sequential rise in inflation pressures outside of a rise in utilities.
  • Other data showed a steady unemployment rate at 2.6%, while IP fell -1.0% y/y, close to forecasts. Retail sales rose 2.4%y/y, against a 1.7% forecast.
  • AUD/USD is down a touch, just near 0.6630, while NZD/USD is close to 0.6115, showing little change for the session.
  • Coming up with have BoJ bond buying ops, then the official China PMIs for May. Also note later on Japan MoF intervention data will be in focus (out around 7pm Tokyo time).