USD buoyed, quiet trading due to May 1 holiday

Posted On 01 May 2015

Tag: USD

The US dollar was better bid in the Asian session on Friday, with USD/JPY managing to make a gain from 119.36 to as high as 119.74. There was a slew of Japanese data – inflation ticked up to 2.2% from 2.0% year-on-year. Household spending numbers improved while the unemployment rate fell.

EUR/JPY bid to 134.52, before settling between 133.91-134.20. GBP/JPY consolidated between 183.10-73. AUD/JPY traded between 94.20-53.

EUR/USD was mostly range-bound. Volumes are low in a holiday-thinned market, with much of Asia and Europe closed for the May 1st holiday. EUR/USD traded a tight 1.1204-25 rang in Asia. Hopes of a Greek debt deal by Sunday are helping buoy the euro. EUR/GBP consolidated gains to 0.7335 overnight, between 0.7302-08 in Asia. EUR/CHF held between 1.0463-73, off from 1.0524 high yesterday. There are no European data releases today due to the May Day holiday.

GBP/USD traded between 1.5338-59 in quiet, holiday-affected trade. Overall there is caution ahead of the UK May 7 election. We could see some longs be liquidated ahead of this key risk event.

USD/CHF held above yesterday’s 0.9309 low, Asia range 0.9320-44, due to a better bid USD in Asia providing some lift but the risk is still down.

AUD/USD opened in Asia at 0.7906, off modestly from 0.7919 to 0.7874 due to a firmer USD. Yesterday the aussie fell from highs losing around 2%. There is caution ahead of the Reserve Bank of Australia policy meeting on May 5. There is risk of a rate cut.

NZD/USD opened in Asia at 0.7620, traded off from 0.7625 to 0.7570. The kiwi is under pressure, especially after yesterday’s RBNZ signal that there could be a rate cut in the future.

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Source:: USD buoyed, quiet trading due to May 1 holiday

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