The forex trading headlines for Asia trading today, Monday May 27
ForexLive courtesy reminder: UK and US holidays today. If you’re reading this from work now you know why the traffic was so light this morning.
- Bank of Japan Governor Kuroda spoke in Tokyo on Sunday, main points here, and further information here.
- Bank of Japan: The minutes of the April 26 monetary policy meeting were published today. there wasn’t anything surprising on the minutes, though there are more details to be found here (including a link to the full text)
- China: April Industrial Profits YTD y/y +11.4% (vs. prior of +12.1%)
- UK: Hometrack Housing Survey; May house price +0.4% m/m (prior was +0.3%)
- China PM Li Keqiang says stable euro in best interests of China and world
- New Zealand and China are in the early stages of talks to make their currencies directly convertible
- According to Taiwanese press Taiwan may issue an economic stimulation plan this week
It was an active start in the very early New Zealand market (around 1900GMT) with USD/JPY trading above 101.60 in the super-thin illiquid market of a New Zealand Monday morning. It fell back just as quickly, though, and settled 101.00/30 into early Tokyo. The Tokyo stock exchange opened lower for the session on the back of margin-call related selling, which saw USD/JPY test a little lower, although rather unconvincingly. It got as low as 100.75/80 before finding support around there again and spent the balance of the session around 101.00. JGBs ticked lower in yield on the day.
EUR and GBP were both very quiet, but lost a little ground in 25 point ranges.
AUD and NZD were more active, both falling to test their Friday New York lows. NZD/USD found support at 0.8060/65 and ticked back to 0.8082/87. AUD/USD traded down to 0.9615/20 before settling around 0.9630 as of writing.
So, apart from the New Zealand dawn raid on the yen it was a relatively quiet day in the Asian timezone.
