• Following on from strong Chinese trade data earlier in the week, both South Korea and Australia posted better than expected employment data
  • South Korea’s unemployment rate fell to 3.4% from 3.7% previous month
  • Australian economy added 44,000 jobs, better than the expected 6,000 and a big improvement on last month’s drop of 15,000
  • The Australian unemployment rate stayed steady at 5.2% and the participation rate increased slightly to 65.4%
  • Japanese wholesale prices increased more than expected with CGPI +0.6% MoM (+0.3% expected)
  • Noted Federal Reserve dove Janet Yellen stuck to her lines saying that US accomodative monetary policy is appropriate at present time
  • Nikkei, HK and Shanghai +0.2%; Korea -1%.
  • Gold $1660/oz; Oil $102.50/bbl

Fairly quiet session all round but it did spring briefly into life after the strong Australian jobs data caused AUD/USD to jump 50 pips, triggering stops above 1.0350 in the process. The prospect of a rate cut next month by the RBA is diminishing and all eyes will be on tomorrow’s Chinese trade data. We’ve had some strong data out of China, Korea and Australia this week so the region seems to be faring better than many had feared. AUD/USD range: 1.0296/1.0381

The much higher than expected CGPI in Japan would seem to be lessening the chances of any robust BOJ asset buying on April 27th, contrary to yesterday’s press reports. USD/JPY has had a quiet session trading near 81.00, with traders happy to buy dips ahead of reported ACB and Kampo bids between 80.50/60. Range: 80.80/81.05.

EUR/USD has been comatosed in a 30 pip range with talk of heavy interest either side of the market; macro-funds and a big custodial bank have been noted buyers over the last 24 hours and the BIS is thought to be doing some sanitisation for the SNB, selling near 1.3150. Nothing happening in Asia though inside a 1.3105/40 range.

Cable 1.5904/24; EUR/CHF 1.2024/34

USD/KRW fell in early trade after the strong jobs data but was unable to break below yesterday’s break-up level at 1141.00. The Sing range traded again, this time on a lower plane compared with yesterday, ranging 1.2550/77.