There is a fresh round of USD buying leading into the NA open as Eurozone posts weak Q1 GDPs, the market focuses on an improving US outlook and potential Fed QE tapering and the S&P reaches a fresh high yesterday. In the FX space EUR, CHF and NOK are underperforming, down 0.5%. CAD, AUD and JPY are all down 0.3%, pushing AUDUSD to a new 11‐month low as it enters oversold territory. GBP is flat, outperforming on the crosses after a vaguely more upbeat than expected inflation report. Today’s focus US TIC data, empire manu, industrial production, NAHB and a speech by the Fed’s Lacker (non-voting hawk).
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Scotiabank