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USD Index Holds Moderate Upward Bias Amid Holiday Thinned Trade

EMERGING MARKETS
  • With European markets closed for holidays (and no data/speakers scheduled), attention Monday is on the US. Not only do we get some key data in April ISM Manufacturing, but the FDIC is anticipated to name the winner of the bidding process for First Republic Bank some time before the US open.
  • Multiple reports overnight point to the FDIC working through the night on the FRC decision, with several large banks in the takeover mix (JPM, PNC, Citizens Financial; Bloomberg reported that BofA and US Bancorp declined to bid). Broader equities seem unfazed by the FRC uncertainty, with S&P futures flat. Treasury futures have been softening overnight, TYM3 last off half a tick on the session at 115-06 and the cash curve marginally flatter.
  • USD index holding a moderate upward bias on Monday, rising 0.23% as of writing. Global currency markets dominated by the depreciating yen following the Bank of Japan’s latest meeting/decision on Friday. For USDJPY, 137 has capped the topside so far, however, with a number of key short-term resistance levels breached, price action paves the way for 137.91, the Mar 8 high and a key resistance.
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