Major overnight headlines:
– Japan’s Amari says strength in US recovery reflected in USD rise
– Japan is net buyer of foreign bonds for first time since March in May 3rd week, Bloomberg says
– South Korea’s finance ministry says “worried” by JPY’s rapid fall, Reuters says
– Germany’s trade surplus widens more than expected in March
– Italian industrial production falls by a larger than expected 5.2% y/y in March
– Italian 12-month bill yield falls to a record low of 0.70% at auction today
– Norwegian underlying CPI up 1.5% y/y in April versus a rise of 1.0% expected
– UK total trade deficit at 3.1 billion in March, roughly in-line with expectations
– UK construction output falls by a larger than expected 7.4 y/y in March
– ECB says EMU banks will make early repayment of 6.4 billion in 3-year loans
Click here to read the full report: FX Daily
BMO