May 14: Asian session
Asian stock markets rose with the MSCI Asia Pacific Index adding 0.7% in the session. Commodity currencies are in demand today. AUD/USD pushed higher, testing the $0.9400 resistance to the upside. NZD/USD also is trading in the positive zone, but holds below the yesterday’s high of $0.8670. New Zealand retail sales growth slowed to 0.7%. RBNZ’s Wheeler said on press-conference that rate rises will help damp the house price inflation.
EUR/USD stabilized above the 5-week low, finding support at $1.3700. However, the euro remains weak against the other major currencies following the last week’s ECB meeting.
GBP/USD bounced from the daily lows around $1.6820 to $1.6870. Markets wait for the UK labor market data (8:30 GMT) and for the BoE Inflation Report and Carney speech (9:30 GMT).