During the early trading session, Asian stocks traded lower as investors sentiment weighed over company earning. Shareholders are concerned over earnings reports from major corporate companies and the overall economy following the Bank of Japan Press Conference, where officials downgraded the outlook of inflation and growth. The Nikkei share average closed with little movement at 19,531 points. Following the release of Data reports out of Japan, they JPY/USD reached a weekly high. The Unemployment rate, National Core CPI, Yearly and Monthly Household spending all showed better than expected figures, however, the Tokyo Core CPI for the month rose just 0.4%, lower than the forecast figure of 0.5%.
During the European session, The British pound dropped sharply against the Dollar following negative data. The UK Manufacturing PMI for the month of April showed a reading of 51.9, indicating expansion of activity, however, lower than the expected figure of 54.6. The GBP/USD is currently trading below 1.523 Currency traders are now awaiting the outcome of next week’s UK government elections. The Euro continues to trade close to 10 week highs as Greece laid out reforms in order to reach an agreement with its creditors by May 12th, if a deal is not agreed over the nation’s current debt, then the country could go into default.
Binary Options traders are now awaiting a number of important economic events from the U.S., including, the ISM Manufacturing PMI, Michigan Consumer Expectations and Current Conditions, furthermore, FOMC Member Williams will be speaking later on today.
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