From Marc to Market:
Overview: The dollar has been confined to narrow ranges ahead of the US CPI report. Given the backup of US rates and the stronger-than-expected jobs growth, the greenback's performance has been unimpressive. The Reserve Bank of New Zealand signaled that it was in no hurry to cut rates and it helped underpin the New Zealand dollar. Up about 0.2% today, it is leading the G10 currencies higher. Strong earnings from TSMC may have helped underpin the Taiwanese dollar (~0.3%), which is trailing the Mexican peso (~0.35%) to lead the emerging market currencies.
Many Southeast Asian markets are closed to the holiday today, including South Korea, where the parliament election is taking place. Exit polls suggest a strong showing by the opposition Democratic Party. The Hang Seng (1.85%) and the mainland companies that trade there (2.06%) were the led the region. Europe's Stoxx 600 is recouping yesterday's 0.6% decline, while US index futures are firm. Benchmark 10-year yields are mostly slightly softer in Europe. The 10-year US Treasury yield is hovering near 4.35%. Gold is consolidating in about $2345-$2360 range. It peaked yesterday slightly above $2365. May WTI peaked at the end of last week around $87.65 and fell to a low near $84.70 on Monday. It is consolidating in a narrow range today above $85.
Asia Pacific...
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