- Australian job ads -2.4% MoM
- Australian Q1 business inventories +0.9% QoQ; business profits -8.3% before income tax
- Australian TD-MI inflation gauge +0.0% MoM
- Market leaning towards 25bps rate cut tomorrow by RBA
- EZ politicians increase talk of fiscal authority and even fiscal union
- FinMin Azumi refuses to comment on the FX market
- Regional stockmarkets fall by 2% on average
- Gold $1623/oz, Oil $82.20/bbl
- BOJ getting steamrolled by bullish Yen sentiment: Bloomberg
It’s been a fairly quiet session with none of the majors moving too far away from their NY closing levels. EUR/USD spent the early interbank hours trading 1.2400/25 and then tried to move higher in early trade on the back of the EZ political leader statements re fiscal union etc. This momentum soon stalled once sharemarkets opened 2% lower, sending the JPY crosses lower. Ranges: 1.2384/1.2442; EUR/JPY 96.74/97.22
AUD/USD moved around with shifts in risk sentiment, AUD/JPY flows and speculation regarding the RBA tomorrow. We will end the session about 30 pips below the NY closing level from Friday. Ranges: .9623/.9707
USD/JPY 78.02/27; Cable 1.5339/74
