- Rumours that China may widen USD/CNY band or even revalue Yuan this weekend
- China’s Foreign Ministry says ‘vitally important’ that Europe overcomes its debt crisis
- China helping Europe by buying Euro debt
- China fixes USD/CNY at new record low mid-point of 6.4716
- Greece very likely to default- Greenspan
- Hardline IMF encouraged Germany to back new bailout conditions- press
- BOJ minutes: Some members saw need for additional easing
- Japan April average wages -1.4% YoY
- Regional bourses end week flat
- Gold $1528/oz, Oil $94.75/bbl
Some late trailing stops were triggered in EUR/USD during the NY session above 1.4200, meaning that the pair closed in NY on session highs near 1.4210. We have seen a gradual drift lower throughout the Asian session, driven mainly by the usual risk-off Friday trading meaning that EUR/JPY has traded with a soft tone. Some Asian Sovereign bids below 1.4170 have helped stall the fall amid widespread disinterest it must be said. Ranges: EUR/USD 1.4168/1.4222, EUR/JPY 114.17/70
USD/JPY has seen the usual 30 pip range, falling first on EUR/JPY selling, stopping short of reported corporate bids at 80.40 but then recovering when the EUR/USD started to drift lower. Ranges: 80.46/73
AUD/USD fell initially on general risk averse trading in early Tokyo but then recovered as rumours circulated that China may announce a policy change regarding the Yuan this weekend. We finish the session mid-range. Ranges: 1.0529/76
Cable closed in NY below previous trendline support around 1.6170 and that has given it a technically bearish look. Ranges: 1.6122/76, EUR/GBP .8779/99
