Mid-Day Report: Dollar and Yen Extends Down Trend

Dollar and yen extends recent down trend today, riding on further improvement the optimism of economic recovery. Q1 GDP contraction was revised from -6.1% to -5.7% annualized rate. U of Michigan consumer sentiment was also revised up from 67.9 to 68.7 in May. Though, Chicago PMI disappointingly dropped from 40.1 to 34.9 in May. Commodity currencies are the biggest winners today, boosted additionally by rise in commodity prices as crude oil 66.4 while Gold jumped to as high as 980 level. on the other hand, note that USD/JPY gives back much of the earlier gain this week as Treasury Yields retreat further.