Meanwhile, the yen firms ahead of what will be a busy morning in Europe
The aussie is slightly on the back foot after weaker-than-expected Chinese PMI data proved to be a drag for the currency, highlighting concerns about recent stimulus by authorities in attempting to boost the Chinese economy this year.
I reckon that is also part of the reason that is helping to underpin the yen in the past few hours as global growth worries start to rear its head once again.
Other major currencies are holding rather steady in narrow ranges, with less than 0.1% changes against the greenback. The session ahead promises to be a bit of a busy one with plenty of economic data on the agenda, highlighted by Q1 GDP growth and April inflation figures in the euro area. If anything else, expect that to potentially help traders with some direction in the day ahead.
