North American Summary and Highlights 5 May
Overview - Despite gains in USD/JPY, the USD was little changed overall.
European and North American sessions
The USD was not much changed overall, despite gains in USD/JPY to 157.90 from 157.25, with the USD edging lower elsewhere in the absence of fresh escalation in the Middle East. EUR/USD edged up to 1.17 from 1.1680 despite EUR/GBP and EUR/CHF being marginally lower. USD/CAD was little changed but AUD/USD rebounded to 0.7190 after dipping to 0.7140.
US data was not far from expectations, but consistent with an economy continuing to growth moderately. March’s trade deficit increased to $60.3bn from $57.8bn but with gains in both exports and imports. New home sales saw gains in both February and March but without fully erasing a January decline, while March job openings saw a second straight fall but without erasing a strong rise in January. April’s ISM non-manufacturing index saw a modest dip to 53.7 from 54.0. Canada recorded its first trade surplus since September supported by higher export prices.