Twists & turns
• US data. US PMIs stronger than expected. This fanned the flames of the ‘higher for longer’ rates view. US bond yields rose & equities dipped.• FX moves. USD a bit firmer, but net FX moves have been modest. AUD extended its pull-back to be near ~$0.66, in-line with its 1-month average.• Data calendar. A few bits & pieces released today such as UK retail sales & US durable goods orders. Next week AU retail sales & monthly CPI are due. Some more twists and turns in the global economic data with the US business PMIs for May coming in...