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USD bulls' run of pain continued in...........>

FOREX: USD bulls' run of pain continued in Asia-Pac trade, with the risk switch
firmly flicked on, resulting in a fresh round of multi-month highs for various
G10 currencies vs. the greenback, although the USD did manage to pullback from
extremes vs. most of the majors. AUD & NZD sit atop the G10 tree, albeit some
way shy of best levels. EUR/USD has moved above $1.1200 in recent trade, in the
wake of various EUR bullish calls from the sell side earlier this week. JPY even
managed to lodge modest gains vs. the USD after USD/JPY bulls failed to force a
break above Y108.85, the 50% retracement of the Mar 24-May 6 decline.
- There was little in the way of headline flow to attribute the broader moves
to, although much stronger than expected Chinese Caixin PMIs were noted after
the early session vol., while an Axios sources piece suggested that President
Trump appears to be backing off the idea of invoking the Insurrection Act.
- USD/CNH managed to have a look below CNH7.1000, printing as low as CNH7.0881,
before that particular moved faded as the USD regained a degree of poise.
- ADP employment and non-manufacturing ISM data out of the U.S. headline today,
with the latest BoC MonPol decision also due.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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