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Daily outlook - 21st May 2012 (00:30GMT)

Anthony Darvall

CURRENCY TRADING SUMMARY 21st May 2012

Written by Anthony Darvall

U.S. Dollar (USD)

Euro (EUR)

The Euro (EUR) shrugged off incessant downward pressure in late trade on Friday as leaders of the G8 re-iterated their commitment to maintaining Greece’s membership in the Euro Bloc. “We re-affirm our interest in Greece remaining in the euro zone while respecting its commitments”. Pro-growth statements ensured the single currency managed to bounce off 5 month lows of 1.2642 seen in Asia to end the trading week near 1.2768

Japanese Yen (JPY)

The Japanese Yen (JPY) rallied broadly in Asia, as heavy selling on Yen crosses, headlined by the AUDJPY and the NZDJPY. The AUDJPY cross bounced off Friday lows near 77.50 to trade back above 78 in Asia as sentiment may have been boosted in light of G8 comments. USDJPY traded in similar fashion, bouncing off levels near 79.00 on Friday, falling from 79.45 seen earlier.

Australian Dollar (AUD)

The Australian Dollar (AUD) was the markets whipping boy in Asian trade as heavy AUDJPY unwinding and a market spooked on Greek and Spanish woes, insured the commodity currency traded at its lowest level since Dec 2011. ANZ bank chief added fuel to the fire with his comments that offshore swap lines had frozen up for local (Australian) banks, sending the market into a Aussie selling frenzy, as flashbacks to 2008 pre-GFC were touted. The AUD traded at a low of 0.9794 before finding a boost on committed comments from the G8. Heading into the Asian session of trade Monday, data surrounding China imports of Coal had risen 69.9% for the year to date, managed to leg up the Aussie dollar, trading at a high of 0.9872.

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