[MARKET ANALYSIS] Lacklustre trade across G10s, USD firms, EUR a touch lower and JPY quiet

USD continues driving higher amid the continued unconstructive oil/yield environment with oil either side of USD 110/bbl and yields still elevated, albeit lower on the day. US/Iran news overnight was light, and nothing pertinent this morning, but the running commentary remains hostile. The Buck will remain attentive to Gulf developments, alongside expected hawkish FOMC minutes this evening, and NVIDIA earnings after the US close. DXY +0.1%, is now above all significant DMAs, with the 50DMA closest at 99.00.
JPY remains rangebound amid the threat of intervention, with Yen fundamentals still bearish (Supplementary Budget/Energy). Demand at the overnight JGB auction was weak and saw some pressure in JGBs but no real follow-through to the FX space. USD/JPY is unchanged and testing 159.00 to the downside at the time of writing.
GBP is a little weaker after soft April inflation data trimmed bets on BoE hikes. GBP/USD moved lower by c. 15pips post-data, now above pre-release levels as it attempts to regain a 1.34 handle. EUR/GBP moved higher by 10pips post-data, a move which swiftly pared amid resistance at 0.8670 and recent energy-related moves. (See 08:40 BST headline for more). EUR is also a touch weaker and seemingly moving lower in tandem with USD strength. EUR/USD -0.1%, the pair delved as low as 1.1583 before attempting to return back to a 1.16 handle, where it has traded throughout the week so far.