The overnight session in Asia has seen little change in the majors, as the market seemingly hits the pause button. EUR/USD at 1.3640 is effectively unchanged from where North America closed out Friday.
There is very little out on the European economic data front today, so it looks as though the forex markets will be focusing mainly on the stockmarkets and their performance. S&P futures are currently off 5 points. There seems to be a growing feeling in certain quarters that global stockmarkets have maybe come a little too far, too fast, and are overdue some sort of correction.
The market will also be looking out for comments eminating from the BIS in Basle, where central bankers are meeting to discuss the global economy and markets.
Sterling has given a little ground overnight in Asia, cable down at 1.52 from a North American close Friday around 1.5245, while EUR/GBP is up at .8968 from .8945. According to a leading economic consultancy Fathom, unemployment in the UK on the International Labour Organisation (ILO) measure, which includes those seeking work but not claiming benefits, will reach 4 million in 2012 (ouch) UK jobs data for April is out Wednesday.
