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Valentin Marinov, Credit Agricole CIB global head of G10 FX research and strategy, said the main drivers in broader currency markets continued to be tensions in the Middle East and elevated global bond yields.

"The slimmed down version of the data highlighted that the labour market is cooling down," CA CIB's Marinov said.

"The data will keep the Fed on its toes," said Nicholas Van Ness, U.S. economist at Credit Agricole CIB.

"I believe we have seen an acceleration of issuance into May," said Richard Wolff, head of US bond syndicate at SG CIB, saying this was a result of debt issuance being pulled forward.

"How big the FTZ market could grow depends on how much Chinese banks could allocate their risk limits to FTZ bond issuers and if other investor segments decide to get involved," said Tim Fang, head of Greater China debt capital markets at Credit Agricole CIB.