May 19: Asian session
Asian stock markets were down on Monday, as concerns about slower growth in China pressure the risk appetite. MSCI Asia-Pacific index outside Japan lost 0.3% in the session.
Currency market started the week in a quiet mode with the major currency pairs trading range bound on the Friday’s US session levels. USD/JPY edged down a bit to 101.40, while the Nikkei 225 index remains almost flat. Core machinery orders in Japan came surprisingly strong, confirming the economic recovery is on the way.
AUD/USD weakened from the daily high of $0.9375 into the $0.0350 area. The next event to watch in Australia will be the RBA meeting minutes on Tuesday – there shouldn’t be much surprises, though. NZD/USD hovers in the middle of the $0.8655/25 sideways range.
EUR/USD is trading in the $1.3700 area, while GBP/USD edged up to $1.6830.