During the early trading session, Asian stocks traded lower as major governments around the world sell bonds as they struggle with debt. Countries, including, UK, Germany and the U.S. have turned their focus to return of inflation and thus sparking a rise in bond yields, this week long sell-off is weighing on shareholders and investor sentiment and the Nikkei share average reached its lowest level in a month closing at 1.23% lower. Following the release of negative data from Australia, the AUD traded lower against the Dollar. The Employment change for April showed a decline of 2.9k, significantly worse than the expected rise of 5000 more employed people, the pair is currently trading above 0.79.
During the European session, the Euro dropped sharply against the Dollar as next week’s meeting between Greece and its creditors nears. The country is yet to show progress with laying down reforms for an extension of its current debt bailout, if no developments are made then finance ministers may consider to tighten their banks access to emergency liquidity. Furthermore, German data showed that the Factory orders for March grew less than expected with a 0.9% rise, analysts had expected a 1.5% increase.
The Dollar is trading higher against a basket of major currencies following a number of positive reports, including the continuous jobless claims and more importantly, the Initial Jobless claims which showed that 265,000 more people filed for unemployment, below the expected figure of 280,000. Binary Options traders are now awaiting the release of the Nonfarm Payrolls taking place tomorrow. Analysts expect that the number of people employed during April rose by 224,000, if the actual figure is lower than this could weaken the Dollar further in the short term.
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