Daily Market Briefing, Asia Pacific

• Positive tone. US bond yields lost ground as more US data underwhelmed. This gave US stocks a boost on Friday & exerted pressure on the USD.• AUD moves. AUD edged higher. Domestic & offshore data might generate some intermittent AUD swings this week.• Event radar. Locally, Q1 GDP is due (Weds). Offshore, the BoC (Weds) & ECB (Thurs) could cut rates, while the US jobs report (Fri) will be a focal point. There was a more upbeat tone across markets at the end of last week. US and European equities rose on Friday. The S&P500 outperformed (+0.8%), although this...

• 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...