- Funding still open for Australian banks
- Fall in milk prices to affect NZ economy
- Japan still world’s largest net creditor
- China leading index +0.8% in April, same as March
- Obama says EU needs to take balanced approach
- Regional stockmarkets +1% on average, Shanghai +0.5%
- Gold $1591/oz, Oil $92.50/bbl
Very quiet consolidation in tight ranges is all that can be said of this session. Dealers tried to push risk trades higher in early trade on the back of improved sentiment but momentum was totally lacking and the market died a slow death after the longs were squeezed out.
Sell orders capped the EUR/USD at 1.2820/25 and the market was unable to get at well-chronicled stop-loss orders starting above 1.2830. Dips were caused by intraday longs bailing out rather than any news or developments. Bids are reportedly solid near 1.2760. Range: 1.2784/1.2817
AUD/USD has traded in similar fashion, oscillating around .9900. The NZD/USD led the market in early trade after a strong technical close in NY, but momentum was lacking all round and the Fonterra statement weighed on bullish Kiwi sentiment. AUD/USD range .9885/.9921
USD/JPY 79.25/43, cable 1.5809/31, and EUR/GBP was capped by hedge fund sell orders at .8100, trading .8082/98.
