FX Market Update – Entering the NA session, markets are quiet and favouring risk aversion. China released slightly weaker than expected industrial production and retail sales and the G7 failed to warn against current themes in FX markets. Beyond that news flow has been limited. In FX markets GBP is outperforming, up 0.1%; while JPY, EUR, CAD and NZD are down between 0% and 0.2%. AUD is underperforming, down 0.5% and through parity. Today, the US will release April retail sales, expected to come in at 0.3%m/m ex auto and gas and the only Fed speaker, Plosser (non‐voting hawk), is not until tomorrow’s European session.
Click here to read the full report: FX Daily
Scotiabank