Uneventful

An uneventful start to the session so far, currencies hugging narrow ranges with light news flow. AUD and NZD are both flat. Data earlier showed a decent beat in New Zealand's Q1 retail sales, which rose 2.5% Q/Q (vs. BBG est. of -1.8%). Stats NZ noted that overall retail spending was boosted by expenditures on electronic items and outdoor recreational goods.

• JPY pairs also flat, Yomiuri reported this morning that Japan plans to extend Covid-19 state of emergency beyond the end of the month. The piece came on the heels of Chief Cabinet Sec Kato's appearance on a NHK programme Sunday, during which the off'l signalled that such an option would be discussed. Kato also suggested that in the case of extension, the new deadline would probably match the expiration of Osaka's state of emergency, which falls on Jun 20.
• Offshore yuan is slightly stronger. Over the weekend China's central bank said it will maintain the exchange rate at "basically stable" levels after recent comments by its officials who suggested the currency be allowed to appreciate and authorities should eventually let up on controlling it.