US Dollar opens the week on a strong note, but is short lived.
- Eur/Usd and Gbp/Usd open 20 points lower from their closing prices on Friday.
- Nzd/Usd opened at 0.7830, 65 points lower from its closing price of 0.7895.
- Aud/Usd briefly fell below 0.9400, lowest since October, 2011.
After closing at 97.50 on Friday, Usd/Jpy opened at 97.80 and traded up to 98.45. Sell orders at 98.50 and strong Japanese data then gave life to the sagging yen.
- Q1 Japanese GDP came in at +1.0%, slightly better than expectations of +0.9%.
- Japan May Bank Lending +2.1% -the 20th straight Y/Y rise
- Japan May Lending By Major banks +1.6% Y/Y, the 6th straight rise
- Japan April Current Account Surplus Y750 Bio, +100.8% Y/Y
The US Dollar has since turned around, lifting Euro and GBP to Friday’s closing prices; 1.3220 and 1.5565 respectively. Aud/Usd rebounded to 0.9460 in a thin market due to the holiday in Australia and the Nzd/Usd retraced up from its lows to 0.7870. Strong Japanese data knocked Usd/Jpy off its highs, testing 97.70 before bouncing back over 98.00.