USD: Upside continuation

• AUD is the best early performer against the USD in G10, up 0.56%, helped by the bounce in Equities, and overnight desk also reported some exporter demand.
• AUDUSD has recovered 2.68% from last Thursday's low at 0.6829, which was the lowest print 22/06/20.
• Resistance for the pair comes at 0.7054 High May 11 and key resistance.
• The EUR remains underpinned, with higher German Yield, and market participants fading some of the two decades high in the DXY, which is drifting towards 104.00, after printing a 105.005 high last Thursday. Small resistance moves down to 1.0483 initially

A little more on the earnings numbers - the single month figure for March (inc bonuses) was 9.9% - the highest on record. And this doesn't include signing on bonuses - with MPC members highlighting high signing on bonuses as being another indicator of labour market strength at yesterday's TSC. So if these numbers did include signing on bonuses, they could be even higher.

• Bund has seen some small downside continuation overnight, but short of yesterday's low, with the 1% Yield holding yesterday.
• The contract printed a 152.99 low, with a 1.013% high yesterday.
• Govies are taken their cue from some of the pullback in Risk, but Estoxx has so far failed to break above Friday's high at 3703.00, printed 3699.00 high so far today.
• Attention this morning turns to the EU GDP and heavy German supply. Out of the US sees Retail Sales and IP as the notable data.
• SUPPLY: German EU6bn Schatz (Equates to 61.6k Schatz), should weigh into the bidding deadline.
• SPEAKERS: ECB Lagarde, Centeno, BoE Cunliffe, Fed Powell, Bullard, Harker, Kashkari, Mester and Evans.