The USD/JPY opened the Asian session around 77.95 after recovering from 77.56 when the USD strengthened across the board. The USD/JPY tracked lower through the Asian morning session due to heavy EUR/JPY and AUD/JPY selling out of Tokyo. Following the sharp move lower overnight as fears shifted from an EU debt crisis to a potential banking crisis, Cable opened in Asia at 1.5456. The pair initially popped to session highs at 1.5463 early in thin market conditions before heading down to a low so far of 1.5429 with JPY cross selling for the fix seen weighing across the board in morning trading. The 1.5408 December weekly low is key support with a break lower likely to see the 2011 lows at 1.5270 retested. The AUD/USD opened the Asia/Pacific session at 1.0095 having fallen by more than a cent off its overnight high of 1.0204 amid risk aversion seemingly reignited by the release of ECB data. However, as the downward pressure abated in both the equity and currency markets, the AUD/USD began to recover. Aided by reports of sovereign related buying, the AUD/USD eventually reclaimed session losses to peak at 1.0100.
Thursday, 29 December 2011
FX Commentary
The EUR/USD opened the Asian session at 1.2940 after getting hammered lower on concerns over the state of the EZ banking sector; year-end USD buying flows and jitters ahead of a key Italian bond auction later today. The EUR/USD sold off when Tokyo arrived and sold chunks of EUR/JPY - driving the cross to a fresh near-10 year low at 100.35 at one stage. The EUR/USD traded to 1.2887 when talk of Asian central bank bids underpinned and discouraged attempts lower. The EUR/JPY came up for air when the Tokyo Fix ended and traded back to 100.60 and helped the EUR/USD to recover to 1.2930 on short covering.
The USD/JPY opened the Asian session around 77.95 after recovering from 77.56 when the USD strengthened across the board. The USD/JPY tracked lower through the Asian morning session due to heavy EUR/JPY and AUD/JPY selling out of Tokyo. Following the sharp move lower overnight as fears shifted from an EU debt crisis to a potential banking crisis, Cable opened in Asia at 1.5456. The pair initially popped to session highs at 1.5463 early in thin market conditions before heading down to a low so far of 1.5429 with JPY cross selling for the fix seen weighing across the board in morning trading. The 1.5408 December weekly low is key support with a break lower likely to see the 2011 lows at 1.5270 retested. The AUD/USD opened the Asia/Pacific session at 1.0095 having fallen by more than a cent off its overnight high of 1.0204 amid risk aversion seemingly reignited by the release of ECB data. However, as the downward pressure abated in both the equity and currency markets, the AUD/USD began to recover. Aided by reports of sovereign related buying, the AUD/USD eventually reclaimed session losses to peak at 1.0100.
The USD/JPY opened the Asian session around 77.95 after recovering from 77.56 when the USD strengthened across the board. The USD/JPY tracked lower through the Asian morning session due to heavy EUR/JPY and AUD/JPY selling out of Tokyo. Following the sharp move lower overnight as fears shifted from an EU debt crisis to a potential banking crisis, Cable opened in Asia at 1.5456. The pair initially popped to session highs at 1.5463 early in thin market conditions before heading down to a low so far of 1.5429 with JPY cross selling for the fix seen weighing across the board in morning trading. The 1.5408 December weekly low is key support with a break lower likely to see the 2011 lows at 1.5270 retested. The AUD/USD opened the Asia/Pacific session at 1.0095 having fallen by more than a cent off its overnight high of 1.0204 amid risk aversion seemingly reignited by the release of ECB data. However, as the downward pressure abated in both the equity and currency markets, the AUD/USD began to recover. Aided by reports of sovereign related buying, the AUD/USD eventually reclaimed session losses to peak at 1.0100.
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