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Steady USD Start, Australian Jobs Data Coming Up

FOREX

It has been a relatively steady start for G10 currencies as the market digests the FOMC and US CPI prints from Wednesday's session.

  • The BBDXY USD index is little changed, holding near 1263 at this stage. Post CPI lows were 1258.20 for the index, but we are still holding comfortably higher for June to date.
  • US equity futures are higher, led by the Nasdaq (+0.55%), building on Wednesday cash gains. Regional equity markets are higher as well. This isn't benefiting higher beta FX at this stage though, which sits a touch lower. AUD/USD is off slightly at 0.6660, while NZD/USD is down a touch as well to 0.6180/85.
  • Earlier data showed slower card spending in NZ for May (-0.9% m/m). BNZ figures on job ads also weakened (per BBG, down 31% in y/y terms for May).
  • USD/JPY is a touch higher, last near 156.80/85. Data showed Q2 a slight improvement in all industry and large manufacturing sentiment for Q2 (although manufacturing stayed negative at -1.0, prior -6.7).
  • US yields are a little lower in early dealings, but losses are less than 1bp at this stage.
  • Looking ahead the main focus coming up will be the Australian jobs report for May. The market expects +30k (prior +38.5k) and the unemployment rate to tick down to 4.0% (from 4.1%).
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