USD Weakness The Standout Move Thus Far

Cross-asset gyrations in Asia-Pac hours have been fairly limited, with U.S. Tsys trading in a rangebound manner, U.S. e-mini futures incrementally below settlement levels and Asia-Pac equities firmer in lieu of the positive lead from Wall St. price action on Thursday.

• The most notable move has been the continued downtick in the broader USD, observed via the BBDXY, with that metric moving ever closer to its YtD base, which was registered in early February. Discussions surrounding the end of the Fed tightening cycle and subsequent rate cuts continue to dominate when it comes to USD weakness.
• U.S. retail sales data, the inflation expectations component of the latest UoM sentiment survey and Fedspeak from Goolsbee & Waller will provide the meaningful macro inputs ahead of the weekend, with a limited docket apparent in the remainder of the Asia-Pac session and during the London morning (Swedish CPI, as well as final CPI readings from France & Spain provide the pre-NY highlights).
• Comments from ECB’s Nagel & BoE’s Tenreyro supplement the previously outlined events but shouldn’t be needle movers given the recent rounds of rhetoric from the two and Tenreyro’s soon to be departing status.