During the early trading session, Asian stocks traded lower following weak U.S. data and poor earnings reports from the Japanese first quarter end. Yesterday U.S. reports showed that the GDP for the first quarter grew at a slower rate than expected. Furthermore, Japans Honda Motor company led losses as the Earnings Per share were 22% lower than forecast. Japan’s company shares also fell as the outlook over the country’s stimulus program; board members stated that “from the long-term perspective there is no need to ease policy further”. The NZD/USD dropped sharply following the RBNZ Rate Statement, Reserve Bank officials indicated that an interest rate cut was possible if demand and wages drop lower “than is consistent with the inflation target”.
During the European session, the Euro rose against the Dollar following data from Germany and from the Eurozone. Despite a report showing that Germany’s unemployment change dropped 8000 instead of the expected figure of -13k, positive data showed that the CPI for the Eurozone remained unchanged, analysts had expected that the price of goods and services to drop by 0.1%. Later in the session, the Dollar rallied against the Yen as Currency traders digested comments from the BoJ Press Conference; the Bank cut its forecasts for economic growth and inflation for 2015 and 2016.
Traders are now awaiting a number of important economic reports taking place tomorrow, including, the Manufacturing PMI for China, UK and the U.S.
Ask us about our FREE financial advice program: 
Other top stories:
Techinical Analysis - Introduction
6 Top Reasons Traders Fail - Why You Need Signals
How I Made Over $30,000 a Year by Investing in Binary Options
Follow us and SHARE this story on Facebook: 
