USD weakness across the board today saw GBP and EUR climb a little in the Tokyo morning, as did gold too. NZD opened lower but recovered its gap. AUD/USD opened around 0.9170/75 and traded higher to approach its Friday New York highs. But most of the action was in the yen. USD/JPY dealt very briefly above 100.80 in the very early New Zealand market, fell back to 100.20 and then bounced to 100.60. Monday morning markets are a very thin liqudity time of the week, which contributed to the volatility. As liquidity returned as the morning progressed USD/JPY sold off more heavily as long positions squared on the news of Japanese election results. A final stop-loss flush below 99.70 marked the session low, followed by a bounce to 100.20 and running into more sellers. It continued quite active, with the range narrowing around 100 before it trickled lower in early afternoon.
Posted on: Mon, 22 Jul 2013 08:09:22 +0000
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