Currency Updates:
EUR/USD
• Soft USD in Europe sees 1.0800 breached, gains fade into NY open
• Recovery for USD begins slide, rally in US yields accelerates it
• Pair tests 1.0700/10 zone, bears can’t push further and bounce ensues
• Rally in German bond yields aids lift to 1.0745/50 area
• Pair near 1.0740 late in the day, choppy mkt to persist
• No major EZ or US data/event risk to drive pair until Friday
USD/JPY
• USDJPY up only modestly despite Nikkei outperformance
• Stock futures higher by 0.65%; accelerates above 20k
• USDJPY languishing mid-range; price action poor given Nikkei
• Run at 120.00 fails; 40dma res at 120.04
AUD/USD
• Bullish momentum post-Oz CPI persists in Europe, 0.7800 breached
• NY applies bear pressure on USD bid & EUR/AUD lift toward 1.3840
• AUD/NZD lift above 1.0130 alleviates some pressur eon AUD/USD
• Pair bounces from 0.7747 NY low & settles near 0.7770
• NAB Q1 Bank Bus. Conf. & China Apr HSBC Mfg PMI risks in Asia
Looking Ahead – Economic Data (GMT)
• 23:50 JP Foreign Bond Investment w/e 215.1b-prev
• 23:50 JP Foreign Invest JP Stock w/e 1042.1b-prev
• 01:35 JP Manufacturing PMI Flash Apr 50.3-prev
• 01:45 CN HSBC Mfg PMI Flash Apr f/c 49.6, 49.6-prev
Looking Ahead – Events, Other Releases (GMT)
• No Significant Events
