The Japanese Nikkei index was lower today as the Yen found renewed support this morning. Overall the major Asian indices sent mixed messages as they delivered mixed results so far this morning.
USDJPY gave up the 110 level up to the time of writing, and is currently trading at 109.81. The US Dollar index eased from its recent highs of 95.50 but is currently holding on well and not too far off at 95.15.
The USD has recovered some considerable ground throughout May and last Thursday’s hawkish comments out of the latest released minutes helped support for the greenback.
Overnight, we had data from Japan that showed us that Y/Y exports for April declined by over 10%, and that PMI manufacturing a gauge of the health of the manufacturing industry continued to ease to 47.6 from a previous 48.2 (any figure below 50 shows a contraction). Overall the declines in the exports were expected and very much in line with consensus figures.
Later today we are expecting EZ, and US PMIs and also EZ consumer confidence.
