- UK permanent job growth slows
- UK shop price inflation +1.8% YoY down 0.2% MoM
- Japan’s April core machinery orders +4%
- New Japanese deputy FinMin; supporter of full-scale monetary easing and much weaker JPY
- Australian consumer sentiment falls by 5.7%
- Australian April housing finance -1.8%
- Australian FinMin: Yuan revaluation would not help global imbalances for which US fiscal policy is to blame
- RBA Governor Glenn Stevens is less bullish than recently in speech given today
Once again NY closed on the extremes of its ranges, this time towards the top, and again Asia set about retracing some of the overnight moves.
AUD/JPY has been the main mover during Asia, falling from an opening level around 75.80 to lows just below 75.00. The main reason has been profit taking from existing longs and the slide lower in the Nikkei throughout the session has added to the mild bearish sentiment. Range: AUD/USD .8211/74
USD/JPY has slid lower in line with the crosses but neither the machinery orders, the Nikkei, nor the political appointments could knock it out of a tight 30 pip range, 91.25/56
EUR/USD has spent most of the session trading around 1.1950 and the lack of any new developments ensured that volatility was low for a change. Range: 1.1934/77
Cable has also failed to react to the economic data which was released early in the session and interest in the cross was negligible. Ranges: cable 1.4406/64, EUR/GBP .8274/86.
Markets: Nikkei -1%, HK and Seoul -0.4%, Sydney -0.2%. Gold steady at $1238/oz. Oil $72.50/bbl.
