ForexLive Asia FX news wrap: Steady as she goes as Asian traders round off the week

Author: Justin Low | Category: News

Forex news from the Asian trading session - 11 May 2018



  • AUD leads on the day, JPY lags behind
  • Asian equities mostly higher (Hang Seng +1.4%)
  • Gold down by 0.11% to $1,320.20
  • WTI down by 0.10% to $71.29
  • US 10-year yields flat at 2.965%
  • Bitcoin down by 1.90% to $8,920

As we wind down the week, markets appear to be taking a breather here in Asia. There is a lack of directional movement for the most part as trading ranges remain subdued. The dollar is a little on the back foot as we end the session, but nothing major or too notable in the move.

The only notable move during the session was a jump in the Japanese yen at the Tokyo fix, but the move retraced itself thereafter and the yen is the laggard as we pass Asian mid-day.

Major pairs continue to trade in tight ranges with EUR/USD in a 14 pips range, and GBP/USD in a 19 pips range. Pretty much the story of the session.

Equities in Asia are closing the week strongly with the Nikkei and Hang Seng posting over 1% gains so far. The only real laggard are Chinese mainland stocks with the likely reason I can see being the ZTE case - stirring fears of further trade retaliation. They halted main operations after Trump decided to cut its access to American suppliers.

Coming up in Europe, expect things to be a little quiet too with little on the economic calendar.

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