The forex trading headlines from the European morning session
- USDJPY still unable to breach 100
- Gold rises further to USD1438 per oz
- Nikkei 225 closes up 1.89%/251.89 points at 13,568.37
- Japan PM Abe says they can’t continue aggressive monetary policy for ever
- Luxembourg fin min says Cyprus bail-in should not be repeated
- Bundesbank sees Q2 recovery after slow Q1 growth
- Japanese life insurer Asahi unveils future investment plans while Nippon Life expresses a wait and see approach but also sees increased foreign bond buying
Not the most lively of sessions to be honest with traders waiting to piggy-back any momentum from USDJPY launching another attack on 100. But the tight range of 99.60-85 sums up the lack of appetite in Europe with talk of massive selling interest still at 100 which has capped moves so far.
EURJPY had a little look below 130.00 posting lows of 129.88 as some yen-shorts ran out of patience, which in turn dragged EURUSD down to 1.3032 but recent demand down there on both pairs was enough to send them back up again.
GBPUSD had a run lower early on to 1.5212, forcing EURGBP up to 0.8590 but lack of follow-through similarly saw a retracement to 1.5247 and 0.8555 respectively.
AUDUSD also looked vulnerable first thing with a move down to test strong support at 1.0250, posting lows of 1.0251 at the second attempt before recovering to highs of 1.0279 as I type with Gold making gains to USD1438, a rise of USD20 on the session.
All in all, a wait-and-see session with pips to be had but no one prepared to pick up the USDJPY baton just yet.
