Asia Session – May 31, 2010 12:34 AM

Not much to convey for today’s Asia session as both the UK and the US will be out for holidays later and the day was a quiet one…The Euro was once again brutalized on Friday after a downgrade of Spanish debt by Fitch from AAA to AA+, bringing it to lows near 1.2270 to end the week. The pair was able to regain some composure today after a quick dip to 1.2260; the pair came close to 1.2330 before softening ahead of the London session. The rise in the battered European currency could be attributed to end of month flows as well as short covering, and it is safe to assume that once again any rallies will be hammered back down as they have been of late. Full text »

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