The USD is generally weaker leading into the NA session; however news flow has been light and markets are generally trading with recent ranges. Data today is second tier and there are no Fed speakers now that we have entered the quiet period leading into the April 30th rate decision. What is noteworthy is how complacent markets are to geopolitical risk; FX vol continues to trend lower and lower—see top chart. Late today, 9:45pm EST, the HSBC China manufacturing (consensus is calling for 48.3) will kick off the global round of PMIs.
Read the full report: FX Daily
Scotiabank