[MARKET ANALYSIS] Dollar ekes slight gains and antipodeans underperform in a risk-off environment

DXY: +0.1%

• Ekes modest gains overnight amid the mostly negative mood in Asia, but with gains capped after the prior day's choppy performance in which the greenback marginally weakened against peers following a deluge, including a softer-than-expected headline PCE M/M reading at 0.4% (exp. 0.5%). Nonetheless, the data was ultimately mixed as Q1 GDP was revised higher and above expectations, personal income and spending topped forecasts, initial jobless claims fell W/W, but continued claims rose, and durable goods declined, albeit not as much as expected. There were also recent comments from Fed's Goolsbee, who continued to stress that core inflation is too high, trending the wrong way, and that services inflation is a little more disturbing.

EUR/USD: -0.1%

• Slightly pulled back after recent fluctuations and with very few fresh catalysts for the single currency.

GBP/USD: -0.1%

• Price action is lacklustre after recent mild swings and a failure to sustain the 1.3200 status, while pertinent newsflow for the UK remained quiet.

USD/JPY: Flat

• Remains confined to within relatively tight parameters after pulling back from resistance just shy of the 162.00 level, and as the latest Tokyo CPI data mostly matched estimates.

Antipodeans: AUD/USD -0.4% / NZD/USD -0.3%

• Underperformed against their major peers amid the risk-off mood and declines in commodity prices.