ForexLive Asian market wrap: Quiet start to Golden Week

Japan and mainland China closed as Golden week starts Press: Germany still in favour of fiscal compact but Hollande may insist on growth component Australian independent inflation gauge +1.9% YoY Australian private sector credit +0.4% MoM Australian 10yr bond yields near 60 year lows Singapore Q1 jobless rate 2.1% South Korean March industrial output -3.1% MoM South Korean business outlook index unchanged at 84 New Zealand business outlook +2 points to 35.8 New Zealand March trade surplus NZD$134 million The beginning of Golden week in Asia has ensured a very quiet trading session, with the majors hardly moving. EUR/USD has traded in a 20 pip range either side of its NY closing level. Press reports out of Germany suggest that a potential Merkel-Hollande alliance will not be as cosy as Merkozy but the market in Asia has had no interest. Range: 1.3227/48 USD/JPY has drifted slowly lower toward stop-loss orders below 80.00 but technical support (50% retracement 76.00/84.16) has held firm so far. Japan was closed today and will close again on Thursday and Friday. Ranges: 80.08/38; EUR/JPY 106.01/43 AUD/USD has also been fairly quiet ahead of some big risk events tomorrow, namely the RBA decision and Chinese official PMI. Sovereign demand and reserve manager demand for Australian bonds keep the AUD well supported despite a likely drop in interest rates. Range: 1.0431/69 Cable 1.6262/83; EUR/CHF 1.2005/15