The Trade week started off in Asia in a subdued fashion as the US Dollar quietly crept above 108.00 to register a one month high versus the Yen. With the view that perhaps the gloom and doom in the US economy has subsided a bit, the USD/JPY pair opened near 107.80 and eventually poked its head above 108.00 to reach a high near 108.06. The move didn't last too long and was reversed immediately as the pair sunk to levels below the open by the sessions end. 107.75 looked like the low as of this writing. It is well noted that Japanese exporters are heavy on the offer above the 108.00 figure. EUR/JPY was up for the session after an 169.35ish open, a 169.70 high, and a curtain call of 169.45 as of this writing.
With stocks looking to be in favor, many have jumped back on the carry trade band-wagon, selling the Yen and buying higher yielding currencies, thus the pair hovering near the record 170.00 level. The Nikkei followed the US equity lead last week as it came back to life after being trampled underfoot for weeks on end.
EUR/USD looked for direction and eventually found it as the pair traded as low as 1.5685 and motored through 1.5725 as the session wound down. Tonight represented a subtle start for the Euro after last weeks high of 1.5945 and low of 1.5628, but with second quarter GDP on Thursday, and US Non Farm Payrolls on Friday, this week could see some very big moves.
Upcoming Economic Data Releases (London Session) :
| 7/28 | 6:10 | GE | GfK Consumer Confidence Survey | AUG | 3.9 | 3.5 |
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