Asian currencies take a knock

rates earlier than expected.
The common currency rose 1,4360 in Tokyo and 1,4328 in New York.

The euro was trading at 116,61 from 116 against the yen.
Asian currencies took a knock after a 50 percent default rating on Greece as it heightened the risk aversion on the markets.

The Australian dollar erased gains against the US currency as Asian stocks extended global equity losses. The Australian dollar was trading at 1,0615 up from 1,0660 as weak data on retail slowed on a slow global economic growth.

Commodity risk currencies especially the Australian dollar suffered on slow retail sales.

A weak US data has since triggered a sell-off in equities with investors seeking a safe haven in high yielding assets in commodities, with the manufacturing sector in the US showing signs of stress as it expanded at a slower pace in May.

With the market awaiting the US job figures data to be revealed on today the US non-farm payrolls, which includes the private equity sector.
This could further dampen the US economic growth if the outlook is negative but signs are showing that the outlook looks negative after US companies cut back on their hiring.

The pound appreciated by 0,1 percent to 1,6350 against the dollar and also gained by 0,1 percent to 132,57 against the yen.
Despite all the issues surrounding the euro debt crisis that has not stopped the single currency from propelling against some of the six major currencies.

On the debt issue the market welcomed the ECB’s news that a solution on the Greek debt crisis will be addressed by June as a statement was issued this week.
German Chancellor Angela Merkel has since played down the debt issue saying it’s the debt that is a problem not the euro currency. The yen stayed lower against the dollar and the euro after the Japanese Prime

Minister survived a no confidence vote after appealing to the ruling party dissidents by offering to step down once his work to lead a recovery from March’s earthquake is accomplished.
This week saw the New Zealand dollar drop on concerns that export revenue will be hurt by a fall in demand in whole milk powder.

The New Zealand dollar then dropped against the yen after Fonterra Co-operative Group Ltd said whole milk powder prices fell to a four-month low at an auction. The major data is the non-farm payroll coming out today as the market awaits the data.