The forex trading headlines for Asia trading today, Monday May 20

  • The big market-moving event today was Japan’s economy minister Amari saying in a Sunday TV interview that “it’s being said that the correction of the strong yen is largely completed. If the yen keeps on weakening a lot more, it will have a negative impact on peoples’ lives”

In other news:

Most activity today was in the yen, where USD/JPY moved from an above 103.00 open in early New Zealand to trade very briefly below 102 as economy minister Amari’s comments diffused through the wires (see comments in first bullet point, above). It bounced quickly back up to 102.85/90 though and by the time the Tokyo market opened it had settled into a narrow range around 102.80, with bids coming back into the market 102.50/70 and offers above 103.00.

Elsewhere it was subdued on a very light data day to open the week.

GBP/USD traded a narrow range around 1.5180 after touching just below 1.5160 early. EUR/USD was bid at 1.2805/10 and recorded highs of 1.2845/50 with some EUR/JPY-induced volatility.

AUD and NZD were bid through the session, NZD/USD up to 0.8115/20 and AUD/USD 0.9770/75.