[MARKET ANALYSIS] DXY firms, helped by 50DMA; USD/JPY edges higher, AUD lags post-RBA minutes
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Angola reportedly to cut July crude exports to 889k bpd
US President Trump is expected to appear with Rep. Mike Lawler in Lawler’s district on Friday for an official economy event, according to Punchbowl citing sources
[MARKET ANALYSIS] DXY firms, helped by 50DMA; USD/JPY edges higher, AUD lags post-RBA minutes
[MARKET ANALYSIS] Global fixed benchmarks gain as President Trump’s delay to Iran strikes pushes energy lower
Alarms in the middle of the Galilee about the intrusion of a drone, N12 reporter posts
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- USD benefits from underperformance in peers, despite crude benchmarks being lower and the yield environment being more constructive. DXY is higher by two-tenths after bouncing off its 50DMA @99.00. The session ahead is light, and sees remarks from Fed doves Waller and Paulson, alongside ADP weekly payrolls.
- USD/JPY topped yesterday's high (159.08), bringing intervention fears back in focus. USD/JPY has been edging higher throughout the last c. ten sessions amid reports of a supplementary budget and oil remaining high, with Japan a net importer.
- AUD is the G10 laggard, seemingly looking to price in the weak Chinese data on Monday as Monday’s risk-induced rally pares. Alongside the fading of the risk environment, RBA minutes overnight indicated a wait-and-see approach among members that voted for a hike, reinforcing market pricing of just c. 5bps of tightening for June 16th’s meeting. AUD/USD resumes its slide from 0.7200 on Friday, looks now to 0.7100, around 10-15 pips below. Kiwi fares a little better, AUD/NZD -0.2% and retreating from recent highs, looks to 1.2140/20 support.
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