With all of the ''Stress Test'' results pretty much in line with what was leaked as well as with what was expected, the markets turned the page on that chapter and looked ahead to the next which in this case would be tomorrow's Employment data out of the US. With the stress tests behind the market and the employment ahead, the action is Asia was predictably subtle, with most major currency pairs ending the session close to unchanged. With some big moves yesterday in NY seeing the Dollar higher, Asia saw some follow-through, but probably mostly position squaring ahead of the usually volatile data. For example, EUR/USD started the session a little under the 1.3405 highs and eventually drifted to 1.3340 before climbing back to the original starting line for the day, 1.3392. USD/JPY opened right near 99.10 and after trading between 98.94 and 99.41 closed out the session close to 99.15. GBP/USD bounced back from a NY low of 1.49410, but after a session high of 1.50510, the Pound looked to limp into the London session close to 1.50200.
It sure seems like the FX markets had a lot to digest for the week and at this point is coasting into the weekend, but you should be very aware that all eyes are on the employment data tomorrow, data that can be very, very volatile.

Upcoming Economic Data Releases (London Session) prior expected

5/8/20095:45SZ Unemployment Rate APR 3.40%3.50%
5/8/20095:45SZ Unemployment Rate (sa) APR 3.30%3.40%
5/8/20096:00GE Trade Balance MAR 8.7B 8.0B
5/8/20096:00GE Current Account (EURO) MAR 5.6B 7.0B
5/8/20096:00GE Imports SA (MoM) MAR -4.20%-0.90%
5/8/20096:00GE Exports SA (MoM) MAR -0.70%-1.30%
5/8/20098:30UK PPI Input NSA (MoM) APR 1.00%0.80%
5/8/20098:30UK PPI Input NSA (YoY) APR -0.40%-3.50%
5/8/20098:30UK PPI Output n.s.a. (MoM) APR 0.10%0.20%
5/8/20098:30UK PPI Output n.s.a. (YoY) APR 2.00%0.70%
5/8/20098:30UK PPI Output Core NSA (MoM) APR 0.20%0.10%