May 6: Asian session

USD/JPY is trading slightly above 99.00 following a two-day recovery. The greenback was driven up by higher-than expected US NFP released on Friday (165K in April vs. forecasted 146K, March reading was revised up to 138K). On Monday Japanese banks are closed for a holiday.

AUD/USD opened the week with a gap down and slipped back below $1.0300. Traders were disappointed by a drop in Australian retail sales. NZD/USD is trading at $0.8545.

EUR/USD holds at $1.3120. The single currency remains surprisingly resilient despite the last week’s ECB rate cut and strong US NFP. ECB President Mario Draghi is scheduled to speak today at 13:00 GMT.

GBP/USD holds around the 10-week high of $1.5580. British banks are closed for a holiday. USD/CAD trades at 1.0070. Watch the Canadian building permits and Ivey PMI later in the day.

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