Currency Updates:
The Euro (EUR) moved lower in early European trading as Flash PMI numbers fell considerably short of expectations, added to a sharp decline in German IFO business climate for the month of May, raising further fears of global activity slowing. The single currency trade as low as 1.2516, a fresh 2 year low.
The Japanese Yen (JPY) mirrored a EURJPY trading session low of 99.37 following a slate of negative numbers out of the Eurozone. Yet as US Markets had a late session rally, the USDJPY once again managed to keep above the 79.00 handle, although topside seems to be limited.
The Sterling Pound (GBP) second release of Q1 GDP for the UK saw a revision lower to -0.2%, managed to weigh on the Pound. The Sterling Pound recorded a 2 month low at 1.5640
The Australian Dollar (AUD) shrugged off a disappointing HSBC Flash PMI number out of China in the Asian session, but failed to put up a similar fight against an extensive release of negative data out of the Eurozone. The AUD whipped about in a hundred point range with a low 0.9712 and a high of 0.9813
Gold (XAU) reflected general market sentiment and USD momentum, managing to trade as low as 1551.40 an ounce, bouncing to levels above 1578, before pairing much of those gains heading into Friday Asian trade.
