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Analysts at ANZ noted the bounce back in US data from overnight.

Key Quotes:

“April personal spending was upbeat at 0.6%, while real personal spending rose 0.4%.”

“The data should help allay fears of a more protracted slowdown in consumption after yesterday’s weaker Q1 result.”

“Personal income rose 0.3%.”

“The core PCE deflator was at 1.8% y/y in April, unchanged from a downwardly revised 1.8%.”

“Initial and continuing jobless claims declined.”

“The Chicago PMI was strong; the Beige Book stressed the tightness of the labour market.”