ForexLive Asian market wrap: China, Japan, South Korea warn of economic risks ahead

The FinMins and central banks chiefs of Japan, China and South Korea met in Manila where Asian Development Bank conference is taking place Japan's FinMin expressed concern at the Yen's rise Asia looks to double the size of its reserve pool China official services PMI slows in April PBOC fixes USD/CNY mid-point at 6.2697 Chinese Premier meets with US Treasury Secretary in Beijing; Geithner says China strong enough to implement reforms which US calls for; Premier Hu says China and US must trust one another New Zealand's unemployment rate increases to 6.7% ECB meeting is main event risk in early Europe Golden week continues with Japan closed today and tomorrow Regional shares -0.25% on average; Gold $1652/oz; Oil $105/bbl The NZD was the main mover today and it galvanised the AUD into action, although the other majors have been very quiet again as Golden week draws to a close. NZD/USD spent the early part of the session trading near .8090 before the disappointing headline unemployment number sent it tumbling to .8040. It rebounded very quickly in what looked like a case of sell-rumour-buy-fact trading. It was unable to break back above .8080 though, and the slightly negative draft statement from China/Japan/Korea meetings as well as lower official China services PMI affected risk sentiment and sent the Kiwi back to .8050. AUD/NZD was also very active, rallying to 1.2825, tumbling to 1.2740, and finishing unchanged near 1.2760. AUD/USD was led by the NZD and the AUD/NZD flows, but it took on its own momentum when stops below 1.0300 were targeted and triggered. Solid corporate demand soaked up much of the selling. Ranges: 1.0285/1.0327 EUR/USD has taken its lead from the Antipodean currencies as well as general risk sentiment, with many unwilling to trade ahead of the ECB. Ranges: 1.3136/56 USD/JPY has done nothing in Tokyo's absence, trading a 10 pip range between 80.10/20. Cable 1.6177/99; EUR/CHF 1.2010/15