Asia Summary and Highlights 4 Jun

Asia Session

The Q1 Australian GDP came in lower than estimate at 0.2% and 1.3% y/y. The household saving rate also went up to 5.2% from 3.9%, suggesting the unlikelihood of a strong rebound in consumption. Regional equities continue to outperform U.S. equities and supports the Aussie. AUD/USD is down 0.13% to 0.6454, NZD/USD is down 0.02% to 0.5996 while USD/CAD is unchanged.

The USD is trading broadly stronger on Wednesday but with limited range so far. There isn't much market moving headlines except Iran suggesting their terms on the nuclear deal.  USD/JPY is trading 0.2% higher at 144.26. Else, EUR/USD and GBP/USD is down 0.03%.

North American session

The USD maintained a firm tone, led by USD/JPY, which saw highs above 144. The USD was supported by a rise in April job openings of 191k, though the reaction to the data was quickly reversed other than for USD/JPY. EUR/USD remained weaker below 1.14 but with little movement. EUR/GBP moved down to near .8410 but EUR/CHF was stronger near .9375. GBP/USD and AUD/USD saw marginal gains and USD/CAD was marginally lower, though rebounding after testing 1.37.