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USD-JPY posted a near 25 pip rally to 101.53 intraday high after the Tankan survey headline disappointed with confidence among large manufacturers falling to 12 in June from 17 in March. Capex plans were better, however, with big manufacturers expecting business conditions to improve three months ahead, and are planning to boost capital spending by 7.4% in the current fiscal year. Read more
The dollar traded mixed in quite month- and quarter-end conditions and with the approaching July 4 holiday. USD was mostly lower versus the euro, which generally outperformed. But it was firmer against the correcting dollar bloc currencies, and near net unchanged versus the JPY after the Japanese currency gave back Tokyo-session gains. Read more
Tomorrow, the Reserve Bank of Australia will meet, with the most likely outcome being a “stand pat” at the current policy rate of 2.5%. Below is a look at the previous Australian statement, along with some accompanying charts to show what the Bank is analyzing from a policy perspective. From their latest minutes: The wage price index rose by 0.7 per cent in the March quarter and by 2.6 per cent over the year. Read more
The USD traded mixed in quite month- and quarter-end conditions, lower versus the moderately outperforming euro, and firmer against the correcting dollar bloc currencies, and near net unchanged versus the JPY after the Japaneese currency gave back Tokyo-session gains. Read more
The USD majors were steady during pre-Europe Asian trade. Month- and quarter-end considerations made for quiet trade. EUR-USD consolidated gains seen on Friday, holding around 1.3640-45. Other Europe-dollar pairings posted a similar uneventful price action. Read more
US news dominated releases this week, with the biggest news being the 1Q GDP contraction of 2.9%. While there was a fair amount of political posturing as a result of this number, an in-depth look at the report’s internals shows this was most likely a one-off caused by the extreme weather. Read more
In the rear view mirror, Q1 GDP stunk even more than we thought before. Extra caution is in order for this particular release, because it was the first time the BEA tried to quantify the impact of the ACA on spending. The BEA itself acknowledged this difficulty. Read more
The dollar was mostly softer in N.Y. trade on Friday, though once again, relatively narrow ranges were the norm. A slightly better than expected U. of Michigan sentiment outcome had little impact, and with the weekend and month-end approaching, most traders remained near the sidelines. Read more
The USD was mixed, down against a generally firmer yen that was underpinned by Japanese data, near net unchanged versus the EUR, and up verus the AUD, which corrected some of the recent gains. USD-CAD, meanwhile, dipped to a fresh six-month low at 1.0677 before recovering to the 1.0690-95 area. Read more
The USD is softer across-the-board. EUR-USD recovered to the 1.3620-30 area as the 10-year T-note over bund yield spread narrowed below 127 bp after probing near 130 bp a couple of days ago. This recouped the losses see after yesterday's "ECB sources" report that even lower rates might be tolerated in the Eurozone, which had sent EUR-USD to a 1.3575 low. Read more
