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USD Ticks Higher, AU CPI & China PMIs Coming Up

FOREX

The USD is finding some support in early dealings. The BBDXY a touch higher, last near 1244.60, close to NY closing levels. All the majors are below NY closing levels at this stage, but losses are less than 0.10%. A modest move up in US cash Tsy yields at the open is likely to be aiding the USD move at the margins. US equity futures opened higher but are away from earlier highs.

  • USD/JPY is edging higher, last in the 139.80/85 region, versus earlier lows just under 139.70. Apr activity data, in terms of retail sales and IP, was weaker than expected. BoJ Governor Ueda has also spoken at an international BoJ conference, giving a wide range of comments.
  • Ueda stated there is the possibility we have moved away from the 'low for long' inflation period. He also stated central banks need to be careful how they communicate.
  • AUD/USD sits at 0.6510/15, down slightly versus NY closing levels. RBA Governor Lowe is testifying before the Senate Banking Committee. The RBA decisions remain in data dependent mode. NZD/USD is in the 0.6040/45 region.
  • Coming up is NZ ANZ's May business survey, then AU's Apr monthly CPI. Also out is the official China May PMIs.
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