- Australian Bussness Confidence rose to an index reading of -13, up 9 points.
- Singapore’s economy contracted by 11.5% yr/yr in the first quarter, significantly more than expected.
- N.Korea to re-start nuclear program
Currency round up:
AUDUSD: Early sellers emerged in the 7320-40 zone pushing the AUDUSD back to 7270. Copper futures being limit down in Shanghai and early EURUSD selling didnt help the AUDUSD story today. Range 7269 – 7323
EURUSD: Concerns that tomorrow’s German wholesale prices will show a fall for an eigth month, supporting the case for an interest rate cut, kept the EURUSD under pressure today. EURUSD came off early with EURJPY but found good bids just above 1.3300 for an afternoon move back up. Range 1.3304 – 1.3380
EURJPY: Profit takers on the the cross and on the Nikkei saw EURJPY fall from above 134 to the mid 132’s. Singapore’s contraction in its economy also added fuel to the fire. Range 132.60 – 134.33
USDJPY: Was lead by the cross staying under 100 for the remainder of the day. Range 99.60 – 100.42
GBPUSD: probably the best performer on the day. GBPJPY buying and EURGBP selling saw the GBPUSD trade up above last night’s highs and taking out stops above 1.4900. All eyes on the 1.5000 level tonight. Range 1.4826 – 1.4919
Goodluck,
Sam
