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USD Lower On Friday, China PMIs Exceed Expectations

FOREX

The DXY USD index finished Friday down 0.1%. It had been trending lower before the updated US Q4 GDP data but then fell on the downward revision to core PCE inflation to 2.0% from 2.1%. This resulted in most of the G10 rising against the greenback with the Scandis outperforming.

  • Aussie and Kiwi were some of the better performers supported by higher US equity futures. AUDUSD recovered to 0.6515 after testing 65c late in Asian trade and NZDUSD up 0.1% to 0.5983 after a high of 0.5989. They are both now at 0.6533 and 0.5987 respectively driven by the stronger China PMI data released yesterday. AUDNZD is around 1.0911. Aussie and Kiwi markets are closed today for Easter Monday.
  • USDJPY was little changed on Friday to finish at 151.35, after an intraday low of 151.18. It is now around 151.25. Later the Q1 Tankan survey and final March manufacturing PMI are out.
  • EURUSD was flat on Friday at 1.0791 after breaking above 1.08 briefly during European trade. It is currently around 1.0796. GBPUSD was flat at 1.0262. EURGBP is around 0.8541. European markets are closed today.
  • USDKRW rose 0.1% on Friday to 1347.35 after a low of 1344.75. Today Korean trade and manufacturing PMI data for March are released.
  • USDCNH fell 0.1% to 7.2578 on Friday and is now around 7.2564 after the March PMIs printed higher than expected with manufacturing rising to 50.8 from 49.1 and non-manufacturing to 53.0 from 51.4. Caixin manufacturing PMI prints today.
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