May 16: Asian session
Asian stock markets declined on Friday, following the yesterday’s US and European markets losses. Stocks closed weak overnight amid some disappointing earnings and economic reports. Ukraine woes and weaker commodity prices add to the decline.
Currency markets were slow in the Asian session. USD/JPY dipped to 101.30 yesterday, but, as expected, found support there and recovered another 20 pips. AUD/USD dipped to $0.9330 yesterday, but recovered into the $0.9355 area today, while NZD/USD consolidates in the positive zone around $0.8660.
EUR/USD consolidates slightly above the $1.3700 mark after having dipped to $1.3650 yesterday. GBP/USD hovers slightly below the $1.6800 mark . Yesterday the cable’s selloff found support at $1.6730.
Friday’s economic calendar is light. The volatility may increase later in the day - US will release building permits, housing starts and consumer sentiment data later in the day.