European Summary and Highlights 03 May
EUR/USD gained around 10 pips through the European morning, with similar gains for most of the other European currencies.
European morning session
EUR/USD gained around 10 pips through the European morning, with similar gains for most of the other European currencies. The NOK outperformed, with EUR/NOK dropping around 6 figures following the Norges Bank meeting and statement which suggested rates would likely remain at current levels for a longer period than previously thought.
USD/JPY edged a little higher but hovered close to 153 after the JPY gains seen in the Asian session and the previous 24 hours.
Asia session
Nothing changes sentiment more than price. After two BoJ intervention, short term dip buyers seems to be taking a break as the week comes to an end. USD/JPY have dropped below the session low after Wednesday intervention at 153 and is testing lower. There will be a press conference from Suzuki and Ueda coming up and there maybe more verbal intervention and confirmation of earlier intervention. However, USD/JPY longs will be on their toes for fear of stop being hit in illiquid hours and seems to have kept speculators away for now. Both the U.S. Treasury and JGB yields are higher and USD/JPY has slipped 0.44% to 152.88.
Chinese and Japanese market are closed, Hong Kong equity indexes are in the green while U.S. three major equity indexes are performing individually. The Australian Service PMI are in solid expansion and continues the health of Australian economy. AUD/USD is benefiting from broad weakness and is trading 0.21% higher at 0.6580, NZD/USD also 0.21% higher at 0.5974 while USD/CAD is down 0.08% as oil up ten cents. Else, EUR/USD is up 0.08% and GBP/USD is up 0.1%.