Overview: Much of Asia and Europe are off for the
May Day labor holiday. The dollar is mostly softer in the thin activity. However,
the dollar has edged higher against the yen and approached JPY158. The euro
initially fell to $1.0650, a six-day low and where a billion euros in options
expire later today. It has recovered to almost $1.0675. Emerging market
currencies are subdued. Central European currencies, the South African rand,
and Mexican peso are sporting slightly firmer profiles. Asia Pacific equity markets that were open
today (e.g., Japan, Australia, New Zealand) fell after the large losses seen in
the US yesterday. European equities are closed but the UK’s FTSE is slightly
firmer. US index futures continue yesterday’s retreat. The 10-year UK Gilt
yield is near 4.38%, up three
2024-05-01