Market News

The disappointing U.S. employment numbers released last week continue to move markets. Asia currencies, including the yen, were off to a head start for the week as the dollar dipped on the lower than expected numbers.

This week can be expected to be much less significant than the previous week, with Central Bank input due concerning the Australian Dollar on Tuesday and concerning the New Zealand Dollar on Thursday, with Janet Yellen of the Federal Reserve giving a speech on Monday.

Only 38,000 jobs were created in May, a drop of 4.7 percent since April, and 120,000 below the media estimate of the Labor Department estimate.

Oil ministers ended their bi-annual OPEC meeting in Vienna last night without any clear signs of any agreement for a future freeze on oil production.

With investors once again unsure if, or more precisely when, the Federal Reserve will hike interest rates, uncertainty has weighed broadly on the US Dollar which earlier struck a 2-week trough versus the Japanese Yen.

Crude-oil prices jumped Wednesday following a report by Reuters that the OPEC cartel of oil-producing nations may consider a new oil-production ceiling at its meeting on Thursday.

The Aussie Dollar edged higher after an unexpectedly upbeat Q1 GDP report buoyed the commodity-linked currency.

In what seems like an about face, Japan’s Prime Minister Shinzo Abe said he will delay an increase in Japan’s sales tax until 2019.

The Japanese Yen is on the verge of suffering its worst month in 1½ years versus the US Dollar, largely due to growing expectations that the US central bank is getting markets ready for the another rate increase.

The dollar floated near its highest level in two months against a basket of currencies on Tuesday on mounting prospects of an imminent U.S. interest rate hike.

Euro-area economic confidence rose for a second month in May as the ECB updated economic projections that could provide clues to the extent of the success of its stimulus program.

The dollar hit a one-month high against the yen on Monday following comments by Federal Reserve Chair Janet Yellen that the prospects of a near-term U.S. interest rate hike are greater than anticipated until now.

This week can be expected to be more significant than the previous week, with Central Bank input due concerning the Euro on Thursday, and crucial U.S. Non-Farm Payroll data due on Friday.

Japan’s Prime Minister Shinzo Abe announced a possible decision change regarding an increased sales tax at a meeting with his ruling Liberal Democratic Party Saturday.

The G7 meeting of financial policy makers ended t Friday without taking any real concrete steps towards a more stable global economy.