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21 Apr 2014
Asia Recap: Currencies consolidate on quiet Easter
FXStreet (Bali) - A quiet Asian session with most financial centers remaining closed due to Easter festivities, causing currencies to trade in no more than 20 pips ranges, with the largest movers the AUD and JPY, although initial weakness saw no follow through.
AUD/USD opened right below the 0.9335 resistance, and after a brief drive up, a pick up in selling interest knocked the pair down to 0.9315 before retracing back up towards 0.9325/30 opening levels.
USD/JPY displayed a mild bullish tone throughout, reaching a new high at 103.70, with a rising Nikkei 225 (+0.6%) underpinning all Yen crosses. On the fundamental front, Japan recorded another historic trade deficit, with Abenomics seemingly not getting the projected recovery in trade activity.
The rest of G10 currencies, except a weak NZD, were little changed, with the European session ahead expected to keep volumes at low extremes as the Easter holidays extend until tomorrow, when will be business as usual.
AUD/USD opened right below the 0.9335 resistance, and after a brief drive up, a pick up in selling interest knocked the pair down to 0.9315 before retracing back up towards 0.9325/30 opening levels.
USD/JPY displayed a mild bullish tone throughout, reaching a new high at 103.70, with a rising Nikkei 225 (+0.6%) underpinning all Yen crosses. On the fundamental front, Japan recorded another historic trade deficit, with Abenomics seemingly not getting the projected recovery in trade activity.
The rest of G10 currencies, except a weak NZD, were little changed, with the European session ahead expected to keep volumes at low extremes as the Easter holidays extend until tomorrow, when will be business as usual.