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USD On The Defensive

CROSS ASSET

The USD trades on the back foot with USD/CNH back below CNH6.5000 and the AUD sitting atop the G10 FX space in the wake of the release of the RBA's April meeting minutes. EUR/USD is seemingly capped by yesterday's high for now. Core global FI markets have been subjected to some light pressure in recent trade.

  • The RBA minutes didn't contain much in the way of outright surprises, lacking sources of notable outright concern on the behalf of the RBA, while the Bank will seemingly let the TFF scheme expire at the end of June (as expected).
  • Elsewhere, Chinese President Xi Jinping recently pointed to the need for a multilateral global trading system with the WTO at its core, with a broader focus on openness, as opposed to hegemony.
  • It is hard to put a finger on an outright fundamental driver of the recent price action.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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