A rather dull Asian session to end the month of May as the majors dithered about in fairly tight ranges. USD/JPY was the main mover as it oscillated between 101.32 and 100.67. Gold was higher as it tries to build off the momentum from yesterday's move back above $1400.
New Zealand’s terms of trade index beat expectations in the last quarter as it posted a reading of +4.1% -vs- estimates of +1.2%. Business confidence in New Zealand also rose strongly in May, posting a reading of 41.8 as all the major sub-sectors were elevated. In Australia, new credit issued to consumers and businesses rose last month to +0.3%, from +0.2% in the preceding month. Household spending in Japan fell last month to a seasonally adjusted reading of +1.5% which was lower than both estimates of +3.1% and the +5.2% of the prior month. Japan’s unemployment rate came in at +4.1% as it remained unchanged from the previous month's reading. Japan’s core CPI rose last month to a seasonally adjusted -0.4%, from -0.5% in the preceding month. Industrial production in Japan rose to +1.7% which was higher than market expectations of +0.6%.