After starting the final Asian session of the week in positive territory, the Yen dropped against the Dollar and the Euro as optimism spread that the noose that is the global crisis is slowly but surely loosening.
USD/JPY opened at lows a touch over 98.50 and later hit a two week high of 99.15 in thinned trading as Japan stood alone as most other countries were out for the May Day holiday. EUR/JPY took off from opening levels of 130.28 but sputtered out at 131.49, this move as well represents a two week high. Poor data didn't exactly help the Yen today either as the Unemployment rate hit a five year high of 4.8%, worse than the projected 4.6%. Core Consumer prices also dropped, once again, this did no favors for the Yen. The EUR/USD drifted as high as 1.3270, but was well off of the NY highs of 133.86 as traders were unsure of possible ECB monetary plans that could mirror the US. The GBP/USD was steady ahead of some important data later in the UK, including, PMI and Monetary Supply. The UK is pretty much the only country not out on holiday in Europe today. Look to tomorrow's ISM manufacturing data to be a herald of optimism for the US economy if in fact the data is positive as expected. Have a nice weekend.....
Upcoming Economic Data Releases (London Session):
| 5/1/2009 | 8:30 | UK | Net Consumer Credit | MAR | -0.2B | 0.1B |
| 5/1/2009 | 8:30 | UK | Net Lending Sec. on Dwellings | MAR | 1.5B | 1.6B |
| 5/1/2009 | 8:30 | UK | Mortgage Approvals | MAR | 38K | 40K |
| 5/1/2009 | 8:30 | UK | M4 Money Supply (MoM) | MAR F | 0.00% | - - |
| 5/1/2009 | 8:30 | UK | M4 Money Supply (YoY) | MAR F | 17.60% | - - |
| 5/1/2009 | 8:30 | UK | PMI Manufacturing | APR | 39.1 | 40 |
