Here are the key news stories from overnight:
- Chinese PMI data declined for the fourth straight month and fell to a 1-year low 49.2 and below consensus. A reading below 50 separates the difference between expansion and contraction.
- Japanese April manufacturing PMI came in weaker than consensus at 49.7 versus expectations of 50.7. This is the third consecutive decline.
- Eurozone flash April PMI was also weaker than expected with both Germany and France underperforming. Readings came in at 51.9 from the previous month of 52.2. Markets were expecting a small rise.
- U.K. retail sales for March also came in below expectations at 0.2% against expectations of 0.5%. Year over year growth was at 4.2% from the previous reading of 5.7%.
- U.S. jobless claims came in near expectations and remain below the key 300,000 level. U.S. 10-year yields are unchanged at 1.98%.
The U.S. dollar (USD) is very mixed today. Australia and New Zealand are quite a bit weaker on the back of the weak Chinese data while the Swiss franc has surged despite the changes made by the Swiss National Bank regarding zero interest rates yesterday. The Swiss franc is the strongest G10 currency year to date despite Switzerland having the deepest negative interest rates of any major country. Emerging markets are also mixed with Russia up by 2.14% and many of the Eastern European currencies up slightly. Asian currencies are generally weaker on the session.
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