APAC markets have mostly declined at mid-day, reflecting cautious sentiments following a yawning close in the US. 5200 is a big psychological number on the S&P 500 so traders will need some convincing from earnings or Goldilocks to take that next giant leap of faith. Profit-taking and position-trimming ahead of next week's impending inflation data may also be contributing to the subdued market mood.
Meanwhile, US Treasuries continue their rally post the lacklustre April US jobs report, although the decline in the broad US dollar index has stabilized around the 105 level. The role of the Japanese yen in influencing market dynamics remains the biggest point of interest. Just ask Yuan traders.... Looking ahead, the US data calendar remains relatively light, with initial jobless claims and the University of Michigan survey being the key focus.
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