USD/JPY eases due to Japan holiday and soft China data

Market sentiment was damp at the start of the new trading week, as Chinese PMI data disappointed and also Japan was closed due to the Golden week holiday, thereby keeping volumes low.

USD/JPY opened Asia at 120.15 after closing Friday at 120.20. After trading at 120.25 early in the session, the pair drifted lower. A strengthening USD and rising US Treasury yields should help support USD/JPY in the week ahead although Friday’s US nonfarm payrolls data is a big risk event.

EUR/USD was flat in Asia. The pair opened the Asian session at 1.1200 near where it closed on Friday in New York. Lows of 1.1177 were reached and highs of 1.1202. Greece debt negotiations are still going on.Looking ahead to the European session, there is slew of data – primarily the manufacturing PMI data from various Eurozone countries.

Sterling remains under pressure three days before the UK elections. Over the weekend, the YouGov poll showed the Conservatives in a 1-point lead. Meanwhile it is a bank holiday in the UK today so volumes could be light. GBP/USD bounced off Friday’s low of 1.5115 to trade above 1.5135 in Asia.

AUD/USD opened on Monday at 0.7845 and traded 0.7803-45 in Asia. Very soft China HSBC manufacturing PMI saw the pair make fresh lows at 0.7803. China is Australia’s major trading partner so the data are important. Tuesday’s RBA policy meeting is a major risk event for the aussie. Rate cut fears will likely weigh.

NZD/USD opened on Monday at 0.7532 and traded 0.7510-40 in Asia.

The post USD/JPY eases due to Japan holiday and soft China data appeared first on Forex Circles.

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