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Flash: Majors surge against USD - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the majors surged against USD on Monday following disappointing US ISM data.

Further, he notes that earlier in the global day, PMIs released across the map (EZ, Australia, UK) also improved slightly in contrast to the disappointing ISM. Going ahead, he adds that the risk for a further recapitulation of recent dollar strength cannot be ruled out, with markets expected to remain headline dependent. Specifically, he writes, “All eyes may continue to focus on Friday’s US labor market report :(mkts: +165k to +170k). For today, look to the RBA rate decision for regional cues and while we do not expect the central bank to alter rates again, the tone of the accompanying statement should set the tone for the day.”

EU Producer Price Index (YoY): -0.2% in Apr; -0.6% (MoM)

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EMU: Annual PPI falls in April against forecasts

The Eurozone Producer Price Index slid 0.2% in April, compared with the 0.6% rise in March, Eurostat reported on Tuesday. Market consensus pointed to 0.3% growth.
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