Entering into US session, commodity currencies are the weakest ones for today. Australian Dollar leads the decline as much weaker than expected CPI raises the chance of an RBA rate cut in second half. New Zealand Dollar follows as second as RBNZ could cut even earlier in May. Canadian Dollar is the third weakest against of BoC rate decision. BoC is widely expected to keep interest rate unchanged at 1.75% today. It’s not totally sure if BoC would drop tightening bias today. If not, there is prospect of a rebound in the loonie.

On the other hand, Swiss Franc is the strongest one, reversing some of recent losses. Technical resistance in EUR/CHF is a factor helping the Franc. Also, German 10-year yield drops notably today, threatening to turn negative again. Sterling is the second strongest, followed by Yen. Dollar is mixed for now. While US stocks jump sharply yesterday with S&P 500 and NASDAQ making new record closes, upside momentum isn’t too convincing today. Euro is also mixed even though Ifo business climate reversed some of March’s gains and declined to 99.2 in April.

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In Europe, currently:

  • FTSE is down -0.50%.
  • DAX is up 0.64%.
  • CAC is down -0.28%.
  • German 10-year yield is down -0.0374 at 0.007.

Earlier in Asia:

  • Nikkei dropped -0.27%.
  • Hong Kong HSI dropped -0.53%.
  • China Shanghai SSE rose 0.09%.
  • Singapore Strait Times rose 0.27%.
  • Japan 10-year JGB yield dropped -0.0052 to -0.035.


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