2024-05-01 06:50:00 ET
Summary
- The BOJ projected yesterday that commercial banks' deposits with it likely dropped by JPY7.56 trillion.
- The dollar gradually edged higher yesterday, and by the end of the North American session, it had recovered more than half of the intervention-inspired losses.
- Despite stronger than expected Q1 growth in the eurozone and firmer than expected April CPI, the euro struggled to sustain even modest upticks against the dollar yesterday.
- On tap today, ahead of the FOMC meeting outcome is the ADP private sector job estimate, JOLTS report on job openings, March construction spending, and the ISM manufacturing report.
Overview
Much of Asia and Europe are off for the May Day labor holiday. The dollar is mostly softer in the thin activity. However, the dollar has edged higher against the yen to approached JPY158. The euro initially fell to $1.0650, a six-day low and where a billion euros in options expire later today. It has recovered to almost $1.0675. Emerging market currencies are subdued. Central European currencies, the South African rand, and Mexican peso are sporting slightly firmer profiles....
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May Day Fed Day