Forex News | Currency News by Forexlive

The Nikkei has ended the morning session up 0.3% ,with trading volumes low as investors look forward to Golden Week and much of the institutional buying already done yesterday. Exporter shares were helped along by a weaker yen, such as Canon up 1.4%.

The ASX200 is slightly lower, down 0.4% as the Miners weighed on the market. BHP and RIO both down over 1%. Banking stocks were pretty much flat with the big news of the day being Macquarie Bank’s annual profit decline and its call to raise A$500 mio through the issue of 20 million shares.

The Kospi is closed today for the Labour day holiday.

The AUDUSD has struggled to hold on to morning gains, capped by sell orders above 73c. There has been seen some AUDJPY selling over the last 20 minutes as it tries to hold above yesterday’s low of 7230. Wait to see if buy orders between 7200-20 hold before jumping in. I have a feeling we will see them tested shortly.

Be prepared for thin market conditions later today as Europe heads off for May day holiday and the japanese ebter Golden week. I have spoken with a few Traders out of Tokyo this morning who tell me that conditions are thinner than usual, with players reluctant to take on positions. Looks like its parce the parcel.

Some USDJPY selling 20 minutes ago which was not large but seemed to move the market 30 pips. Look for more of the same throughout the day.

China’s official Purchasing Managers’ Index for April rose to 53.5 from a previous reading of 52.4 in March. It is the fifth straight month of improvement.

This is lending support to AUDUSD, lifting it off the lows.

South Korea’s exports fell 19% in April vs a year earlier but figure was better than the median forecast of -23.2%.

Imports for April fell 35.6%, a little better than the expected -36.3%.

It posted a record trade surplus of $6.02 Bio following a revised surplus of $4.29 Bio in March.

Australia’s manufacturing sector output fell to a record low of 30.1 in April from March. The Performance Manufacturing Index fell 3.1 points in April.

Well it looks like our early call of the markets was correct with the Japanese data being the catalyst. EURJPY has taken out the overnight high trading up towards 131.50 as some stops above 131.30 were taken out and small stops above 99.00 in USDJPY were triggered as well.

Need to see EURJPY buying back on dips to confirm higher into the afternoon session.

There is talk that the Federal Reserve looks will postpone the release of the stress test findings according to government/industry officials. The result which was due on May 4, now may net be revealed until a later date towards the end of next week. A new release date may be announced tomorrow.

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