FX Update: The dollar majors have continued to ply narrow ranges
FX Update: The dollar majors have continued to ply narrow ranges, with EUR-USD continuing to orbit the 1.1300 level. USD-JPY has managed to grind slightly lower, matching Tuesday's low at 111.84, though not surpassing it thus far. EUR-JPY and some other Yen crosses were also modestly lower. The price came with the MSCI Asia-Pacific (ex-Japan) equity index pulling back a little from nine-month highs. S&P 500 futures have also track moderately lower, though the index remains not far off record highs. Japan's preliminary April manufacturing PMI survey showed a slightly slower pace of expansion in the sector, though new export orders fell at the quickest pace in nearly three years. This comes with U.S.-Japan trade talks ongoing, while U.S.-China trade front, the WSJ reported that Washington and Beijing announced a tentative schedule a new round high-level negotiations ahead of a possible signing ceremony in late May or early June.