The Global Macro Pulse

S&P futures fell 0.9%. The US 10yr yield is flat to the New York close at 2.6014%. The Nikkei is up 0.3%, the HSI is off 0.5% and Shanghai is down 0.7%. Kospi is basically flat. JGB yields are very slightly lower led by a 1.6bp fall in the 20yr yield. Yields in most EM Asia rates markets are up 1–3bps.

The dollar is a touch stronger in thin Asian trading ahead of the US payrolls data later today. EURUSD has edged off to 1.3665, still above its New York low, AUDUSD has dipped to 0.9648, and USDJPY has risen to 98.35. EM Asia FX has been similarly range bound. The INR and MYR have been the main movers, both weakening 0.4% against the USD to 61.81 and 3.18, respectively. USDCNY fixed 43pips higher to 6.1395.