Asia Session – May 31, 2010 11:22 PM

by Trader Rich

With the US and UK holidays over , we saw Asia come in and continue the trend of late, selling Euros. An article in a UK paper saying that the ECB is warning of another waves of losses by Euro zone banks started the pressure on the Euro and it continued through until support in the 1.2240-50 zone stopped the slide in Eur/usd. Risk was sold across the board as Gbp, Aud and Nzd traded lower. Equities moved lower as well with Asian stocks slipping, and European and U.S. futures trading lower as well. Strong Retail Sales out of Australia seemed to relieve some fears as risk was bought again, for a moment, then the risk off theme started again as Aud/usd traded to a low near .8370. We’ll have to wait and see if Europe will come in and continue the risk aversion or reverse the trend.
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