[MARKET ANALYSIS] DXY is flat and gets some respite after weakening yesterday amid ceasefire extension hopes and a slew of data

DXY: Flat

• Trades flat and gets some mild respite after weakening yesterday as oil and yields retreated on reports of a tentative agreement regarding a potential 60-day US-Iran ceasefire extension, while the greenback was also not helped by the slew of data releases, including a downward Q1 GDP revision and the somewhat mixed/in-line PCE data.

EUR/USD: Flat

• Takes a breather after returning to above the 1.1600 level on the back of recent dollar weakness, while ECB minutes from the April meeting stated a number of members noted the decision to hold a close call and that they would not have opposed raising rates.

GBP/USD: Flat

• Trades sideways overnight following the recent swings through the 1.3400 level, and as UK-specific newsflow and data releases remained light.

USD/JPY: +0.1%

• Remains at the 159.00 level with a mild rebound seen in the aftermath of a slew of data, including softer-than-expected Tokyo inflation data, although gains are capped given that most data releases topped forecasts and with some light jawboning from Japanese Finance Minister Katayama, who said Japan can take decisive action on FX volatility.

Antipodeans: AUD/USD Flat / NZD/USD +0.3%

• Held on to recent spoils amid the positive risk tone and with outperformance in NZD following hawkish comments from RBNZ officials.