The wages data is another big miss and drop, household spending edges up.

Household spending for March, +2.1% for a beat

  • expected 1.6% y/y, prior 1.7%
  • for the m/m, comes in at +0.1%

Wages …. sheesh, ugly:

Labour cash earnings for March -1.9% y/y

  • expected -0.5% y/y, prior -0.7%

Real cash earnings for March -2.5% y/y

  • expected -1.1% y/y, prior -1.0%

Yen is not doing much, USD/JPY up a few tics, The only indication we have had on the China-US trade talks has been on he positive side, so that has prompted an ever so slight improvement in 'risk' currency and an ever so slight sip in yen. Really, though, the 'moves' are minuscule.

AUD/JPY, up 10 points or so the past hour: