Overview: Stronger than expected eurozone GDP
strengthened the sense that a nascent recovery may be taking hold and has given
the euro a bid in the European morning. The dollar, though, is enjoying a
firmer tone against the other G10 currencies today. Australia’s unexpected
weakness in retail sales has weighed on the Antipodean currencies. The Aussie
and Kiwi are off slightly more than 0.5% today. Japanese data were mixed (a
recovery in industrial production but weakness in retail sales) and the market
has taken the dollar to almost JPY157. It had settled near JPY156.35 yesterday.
The market is still treading gingerly after yesterday’s drama and possible
intervention. Emerging market currencies are mixed, with Turkey and Hungary
leading the advancers and the South Korean won and South
2024-04-30