USD carnage continues; spills over to equities
• The dollar continued to collapse yesterday, amid heightened uncertainty on the US political front.
• The recent reports suggesting President Trump attempted to interfere with an FBI investigation have weighed on risk sentiment.
• Evident by the surge in safe haven assets (gold, JPY, CHF) and the plunge in stock markets.
• Market scepticism over Trump’s ability to push his tax plans through Congress could continue to weigh on the dollar and stocks in the next days.
• Perhaps until the next major economic event in the US, the release of the FOMC May meeting minutes, due out next week.

Strong employment data lift AUD
• Overnight, Australia’s jobs data for April were much stronger than expected. AUD surged.
• These encouraging data are likely to alleviate some of the RBA’s concerns about the labor market.

Today’s highlights:
• UK: Retail sales for April (08:30 GMT). Both the headline and the core rates are expected to have risen, which could prove positive for sterling.
• US: Philly Fed manufacturing index for May (12:30 GMT) is expected to have declined.
• Speakers: ECB President Mario Draghi (17:00 GMT), ECB Executive Board member Sabine Lautenschlager (12:30 GMT) and Cleveland Fed President Loretta Mester (17:15 GMT).

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