- Holiday in Japan led to fairly quiet markets and reduced liquidity
- Short covering on JPY crosses followed on after overnight recovery
- ANZ bank earnings slump by 50% compared with last year
- Australian new home sales rise to highest level in over a year
- Citibank issue bullish EUR/USD analysis
- Reports that deaths due to swine flu have been exaggerated
The holiday in Japan led to decreased liquidity. Short covering on the JPY crosses, which started in NY overnight, continued without interupption. EUR/USD opened around 1.3130 and has gradually edged higher as have the other majors.
Ranges: USD/JPY 96.37/97.07; EUR/JPY 126.60/127.96; EUR/USD 1.3119/99; Cable 1.4608/1.4722; AUD/USD .7049/.7141.
Markets: Kospi +2.5%, Shanghai and HK +1.5%. Gold and Brent crude unchanged at $893/oz and $50/bbl respectively.
