It’s a Japanese holiday today which should ensure a quieter trading session than usual. All of the majors are opening close to their NY closing levels, with EUR/USD at 1.4100, USD/JPY at 94.25, cable at 1.6330 and AUD/USD at .8005. The EUR has regained some of its recent losses against the JPY and the GBP and is still dominated by option plays against the USD. The GBP is entering a weak phase in my opinion and will tend to be more influenced by any bad economic data. The JPY might strengthen as the month draws to an end if the much-touted Toshin maturities actually eventuate and the CHF is being manipulated by the SNB.
Good luck today.
