- Chinese trade balance comes in lower than expected at $13 billion
- German MPs agree to resolution on Greece
- Japan May CGPI +2.2% MoM
- South Korea raises rates by 25bps
- Regional sharemarkets mixed; HK -0.5%, Nikkei +1%
- Gold $1544/oz, Oil $102/bbl
Another very quiet session in Asia with most of the major pairings trading in tight ranges.
EUR/USD closed in NY around 1.4515 and moved higher in early Asia after the headlines emerged that German coalition MPs had agreed to the resolution on the Greek bailout. The Nikkei also opened higher and this encouraged early buying in EUR/JPY. EUR/USD traded up towards 1.4550 but solid offers there, and general lack of interest, discouraged further buying. EUR/JPY selling by the Japanese retail market ahead of the weekend helped push it off its highs. Ranges: EUR/USD 1.4505/50, EUR/JPY 116.25/85
USD/JPY opened with a bid tone as dealers eyed stops above 80.50 and also listened to rumours of supposedly large buying of USD/JPY for the Tokyo Fix. When no buying emerged, USD/JPY fell lower to test 80.00. Range: 80.01/46
AUD/USD has been quiet despite the Chinese trade figures, trading in a 40 pip range with nobody showing any interest. 1.0611/52
Cable 1.6360/82, USD/CHF .8393/.8417
