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((((23-05-2016))))))

Market Brief

Risk appetite returned in the Asian session as the hype over a potential June Fed rate hike calmed down. However, on the back of more hawkish FOMC meeting minutes, Fed members continued to provide a pro-hike message. New York Fed President William Dudley said yesterday: “the US economy could be strong enough to warrant an interest rate increase in June or July.” Richmond Fed President Jeffrey Lacker supported the healthy US story and stated that the argument for a rate hike was “strong”. However, Philadelphia Fed manufacturing survey and initial jobless claims were weaker than expected highlighting the choppy incoming economic data. The VIX index retraced from yesterday's high of 17.65 back to 16.33, while DXY fell from 95.50 high to 95.28. Asian regional equity indices were higher across the board with the Hang Seng leading the way up 1.13%. Crude oil firmed, around the $48.65 level, on concerns over Canadian wildfires and supply disturbances in Nigeria, providing commodity linked currencies with some breathing room from recent selling pressure. Yet, weakness in gold and copper prices suggested recovery will be short-lived. US front-end yields retreated from the recent highs as the 2-year yields declined 3bps to 0.88%. USD was weaker against G10 and EM currencies but volumes have been thin. With a near-empty Friday calendar directional breakout trading is unlikely. Despite the pullback in US yields, the JPY faced renewed selling as Kuroda provided the usual threats and raised expectations for policy divergence. USDJPY grinded higher from 109.85 to 110.26, traders are targeting the 55d MA resistance at 110.21.

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