- Asian countries get together to form a $120 billion Reserve Fund.
- NZ labour demand falls o.4%, hourly earnings rise 5.1% in Q1.
- Talk that BOA & Citi looking to raise capital.
- RBA expected to slash growth forecasts.
- Australia April Job Ads -7.5%.
- Australia Q1 House Price index -2.2%.
- Australian TD-MI inflation gauge slows annually to 2.1% in April.
- China April PMI hits nine month high of 50.1.
The Yen and the US dollar continued to fall today as Asian investors took on an increase in risk appetite. It was all about the EURUSD early morning, with good bids at 1.3250 holding before thin and volatile conditions saw players caught out with a run higher, thru 1.3300 and onto 1.3350. EURJPY followed suit as did the AUDUSD as AUDJPY buying hit a 7 month high. China’s PMI number also acting as a buy catalyst as all Asian stockmarkets rallied.
The afternoon saw some sell orders in EURUSD 13330-40 and EURJPY sellers above 133.80 cap the up moves. AUDUSD traded just above at its previous high before consolidating 30 pips lower.
Ranges:
AUDUSD 7296 – 7388
EURUSD 1.3257 – 1.3346
GBPUSD 1.4915 – 1.4979
USDJPY 99.10 – 99.56
EURJPY 131.53 – 132.86
Goodluck,
Sam
