Asia FX Handover - Another Breezy Session On Low Volumes

A summary of news and snapshot of moves from today’s Asia session.

  • It’s been another day of thin ranges with lack of economic data, as traders wait for volumes to return after UK and US holidays. AUD and NZD are the strongest majors (iron ore hit a 5-year high), EUR and CHF are the weakest.
  • Donald Trump signalled an announcement on trade with Japan (although it won’t be until August). Japanese officials have denied the two countries have agreed on this.
  • Asian equities traded cautiously higher, taking their lead from European equites after mostly ‘pro-EU’ votes in the European elections which saw a record turnout.
  • Bitcoin remains firm near its highs after stopping just shy of 9,000 yesterday. XAU/USD again finds resistance at last week’s high, whilst WTI remains rangebound just below $59. On both cases we’d expect something more conclusive when UK and US traders return to their desks.

Recent Analysis:
Weekly COT Report: AUD Shorts Gain Traction
Week Ahead: May Quits, EU Elections and Trade Wars

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