JPY

• 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...

• Quiet start. Limited moves across most markets. US equities firmer. Long-end bond yields a touch higher, as is the USD.• Commodities. Copper hit a record as strong demand comes up against constrained supply. There are cyclical & structural forces at play.• AUD swings. After its positive run AUD slipped back slightly. Policy divergence, rising commodity prices, & buoyant equities suggest the AUD is undervalued. As is usually the case, it was a relatively quiet start to the new week across global markets. No major economic data was released which could shift the dial. On the speaker front, there were...