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USD Drifting Lower, Aust Retail Sales Up Soon

FOREX
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Early G10 FX trends are biased towards USD weakness, but overall moves are very modest at this stage. The BBDXY sits down a touch last near 1247.5.

  • All the majors are ticking up against the USD at this stage. USD/JPY was last near 156.80/85, down slightly from end Monday levels.
  • The April services PPI rose more than expected, up 2.8% against a 2.3% forecast, but FX sentiment hasn't been impacted.
  • AUD and NZD are ticking higher. AUD/USD last near 0.6655/60, while NZD/USD is up to 0.6155, both currencies up less than 0.10% at this stage.
  • In the cross asset space, US equity futures opened higher but sit away from best levels. US yields are down a touch, with the 2yr and 10yr yields off around 1bps each, as cash Tsy trading re-opens after yesterday's holiday.
  • Coming up we have Australian retail sales for April as the focus point. The market expects a 0.2% rise after last month's -0.4% fall. Later we have Fed and ECB speak at a BoJ event.
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Early G10 FX trends are biased towards USD weakness, but overall moves are very modest at this stage. The BBDXY sits down a touch last near 1247.5.

  • All the majors are ticking up against the USD at this stage. USD/JPY was last near 156.80/85, down slightly from end Monday levels.
  • The April services PPI rose more than expected, up 2.8% against a 2.3% forecast, but FX sentiment hasn't been impacted.
  • AUD and NZD are ticking higher. AUD/USD last near 0.6655/60, while NZD/USD is up to 0.6155, both currencies up less than 0.10% at this stage.
  • In the cross asset space, US equity futures opened higher but sit away from best levels. US yields are down a touch, with the 2yr and 10yr yields off around 1bps each, as cash Tsy trading re-opens after yesterday's holiday.
  • Coming up we have Australian retail sales for April as the focus point. The market expects a 0.2% rise after last month's -0.4% fall. Later we have Fed and ECB speak at a BoJ event.