FX Update: The dollar has traded mostly firmer
FX Update: The dollar has traded mostly firmer so far today. The biggest movement has been against the Australian dollar, after the minutes to the early April RBA meeting showed that a rate cut had been discussed. AUD-USD dropped over 0.5% in making a two-session low at 0.7140. EUR-USD has also been a mover, with the pairing dipping to a three-session low at 1.1279 on the back of a Reuters report, citing an ECB source, that there is a "significant minority" of board members who are doubtful about projections for growth to rebound in the second half of the year. Cable dipped below 1.3100, a level around which it has been oscillating for a couple of weeks now, in sympathy with EUR-USD's lurch downward, while USD-CAD printed an 11-day high at 1.3402. USD-JPY has been directionally more challenged, with the pairing holding in a narrow range in the upper 111.0s, continuing to consolidate the near 1 big figure rally that was seen on Friday. U.S. March industrial production will be a focus later. Analysts are forecasting a 0.2% rise versus the prior unchanged reading. Capacity utilization is penciled in at 79.2% from 79.1%. Our projections match median forecasts. Corporate earnings, including from Bank of America, will also be of interest.