USD Slightly Weaker, NZD Marginally Outperforming, China Caixin PMI Later

The USD is slightly softer in early Monday dealings, the BBDXY index last near 1250.60 (close to 0.10% weaker). This leaves us within ranges from late May for the index.

• Cross asset signals are leaning against the USD from an equity market standpoint, with US futures higher (+0.25%), while regional markets are higher. US yields are relatively steady in early dealings.
• NZD/USD is a touch above 0.6150, while AUD/USD was last tracking close to 0.6660. NZ markets are closed today for a public holiday.
• Australia's final manufacturing PMI for May was revised up a touch to 49.7 (from 49.6), we still have May inflation expectations data coming up, along with ANZ job ads.
• USD/JPY is down slightly, but the yen is lagging A$ and NZD gains at the margin. The pair was last near 157.20/25. Earlier we had weaker than expected Q1 capex data, which doesn't suggest much upside to GDP revisions (after the initial data showed a Q1 contraction).
• The final May PMI reading for Japan came in at 50.4 (initial estimate at 50.5).
• Note we also get Caixin PMI in China in a little over an hour.