QUICK SUMMARY

• The US Dollar Index is up 0.5% at 90.2
• Euro down 0.4% at 1.2172 (YTD: -0.3%)
• Yen down 0.3% at 109.21 (YTD: -5.5%)
• Onshore Yuan down 0.1% at 6.4342 (YTD: +1.4%)
• Swiss franc down 0.7% at 0.9038 (YTD: -2.1%)
• Sterling down 0.5% at 1.4113 (YTD: +3.2%)
• Canadian dollar down 0.6% at 1.2131 (YTD: +5.0%)
• Australian dollar down 0.8% at 0.7726 (YTD: +0.4%)
• NZ dollar down 1.1% at 0.7167 (YTD: -0.3%)

MACRO DATA RELEASES

• Australia, Wage Prices, All Sectors, Total hourly rates of pay excluding bonuses, all industries, Change P/P for Q1 2021 (AU Bureau of Stat) at 0.60, above consensus estimate of 0.5
• Australia, Wage Prices, All Sectors, Total hourly rates of pay excluding bonuses, all industries, Change Y/Y for Q1 2021 (AU Bureau of Stat) at 1.50, above consensus estimate of 1.4
• Canada, CPI, Core CPI (Bank of Canada), Change P/P, Price Index for Apr 2021 (CANSIM, Canada) at 0.50
• Canada, CPI, Core CPI (Bank of Canada), Change Y/Y, Price Index for Apr 2021 (CANSIM, Canada) at 2.30
• Euro Zone, CPI, Change P/P, Price Index for Apr 2021 (Eurostat) at 0.60, in line with consensus
• Euro Zone, CPI, Change Y/Y for Apr 2021 (Eurostat) at 1.60, in line with consensus
• Japan, Exports, Change Y/Y for Apr 2021 (MoF, Japan) at 0.00, below consensus estimate of 30.9
• Japan, Imports, Change Y/Y for Apr 2021 (MoF, Japan) at 0.00, below consensus estimate of 8.8
• Japan, New Orders, Machinery , Private, excluding volatile orders, Change P/P for Mar 2021 (Cabinet Office, JP) at 0.00, below consensus estimate of 6.4
• Japan, New Orders, Machinery , Private, excluding volatile orders, Change Y/Y for Mar 2021 (Cabinet Office, JP) at 0.00, above consensus estimate of -2.6
• Japan, Trade Balance, Current Prices for Apr 2021 (MoF, Japan) at 0.00, below consensus estimate of 140.0
• Mozambique, Policy Rates, Standing Lending Facility for May 2021 (Bank of Mozambique) at 16.25
• South Africa, CPI, Urban Areas, Headline, Change Y/Y, Price Index for Apr 2021 (Statistics, SA) at 4.40, above consensus estimate of 4.30
• United Kingdom, CPI, All items (CPI), Change Y/Y for Apr 2021 (ONS, United Kingdom) at 1.50, above consensus estimate of 1.4
• Zambia, Policy Rates, BOZ Policy Rate for May 2021 (Bank of Zambia) at 8.50

RATES SPREADS

• 5Y German-US interest rates spread 3.0 bp wider
• 5Y Japan-US rates spread 2.5 bp wider
• 5Y Chinese-US rates spread 5.8 bp tighter

VOLATILITIES

• Deutsche Bank USD Currency Volatility Index currently at 6.44, up 0.07 on the day (YTD: -0.85)
• Euro 1-Month At-The-Money Implied Volatility currently at 6.13, up 0.1 on the day (YTD: -0.8)
• Japanese Yen 1M ATM IV currently at 5.80, up 0.2 on the day (YTD: -0.3)
• Offshore Yuan 1M ATM IV currently at 3.95, unchanged (YTD: -1.7)

NOTABLE MOVES IN SOVEREIGN CDS

• Government of Chile (rated A-): up 4.4 basis points to 66 bp (1Y range: 43-104bp)
• State of Qatar (rated AA-): up 2.0 basis points to 44 bp (1Y range: 33-95bp)
• Saudi Arabia (rated A): up 2.9 basis points to 64 bp (1Y range: 53-136bp)
• Hong Kong Special Administrative Region Government (rated AA-): up 1.5 basis points to 36 bp (1Y range: 28-42bp)
• Philippines (rated BBB): up 1.8 basis points to 48 bp (1Y range: 33-80bp)
• Russia (rated BBB): up 3.4 basis points to 93 bp (1Y range: 72-130bp)
• United Arab Emirates (rated AA-): up 2.0 basis points to 62 bp (1Y range: 50-62bp)
• Israel (rated A+): up 1.5 basis points to 52 bp (1Y range: 46-53bp)
• Malaysia (rated BBB+): up 1.3 basis points to 47 bp (1Y range: 33-101bp)
• Czech Republic (rated AA-): up 1.0 basis points to 39 bp (1Y range: 31-39bp)

NOTABLE OTHER MOVERS TODAY

• Malagasy Ariary up 2.1% (YTD: +8.1%)
• Angolan Kwanza up 1.3% (YTD: +1.2%)
• North Macedonian Denar up 1.0% (YTD: 0.0%)
• Jamaican Dollar up 0.9% (YTD: -4.4%)
• Australian Dollar down 0.9% (YTD: +0.4%)
• Brazilian Real down 0.9% (YTD: -2.2%)
• New Zealand $ down 1.1% (YTD: -0.3%)
• Norwegian Krone down 1.2% (YTD: +3.1%)
• Qatari Riyal down 1.3% (YTD: -1.3%)
• Samoa Tala down 1.5% (YTD: -0.5%)