The late short-covering rally in NY which saw Wall Street rally and JPY crosses shoot higher, continued into Asia. After an initial consolidation period, risk aversion ahead of the G7 weekend took precedence and the JPY crosses shot higher. Stop loss buy orders in the cable above 1.4315 added to the volatility.

The ranges for the Asian session were; EUR/USD 1.2854-1.2942, USD/JPY 90.55-91.26, EUR/JPY 116.50-118.00, GBP/USD 1.4260-1.4395 and AUD/USD .6523-96.