Opened in early Europe at Y77.97 and Y101.43 – USD/JPY continued to be ignored by the markets in Asia as the run up to the Xmas holiday continues. The pair managed a paltry Y77.98-78.06 range, with the crosses showing only vague flashes of movement. EUR/JPY opened at Y101.44 and traded little better through Y101.40-52. In Europe USD/JPY traded a tight Y77.82-99 range. Opening around Y77.97 the pair traded flat before slipping to Y77.85 on euro-dollar demand. The dollar pared earlier losses climbing to Y77.92, before pressing lower to Y77.82, later recovering to deal Y77.90 in thin markets. EUR/JPY opened around the range bottom and traded sideways, before lifting to Y101.60 on reported UK clearer euro-dollar demand. Better than expected German IFO data gave the cross an added boost to Y101.70, before spiking to session highs Y102.01 around a well received Spanish auction. The pair fell back to Y101.80 with an equally quick move, before further euro demand late into the session lifted the rate to Y102.05 and settle ahead of the NY open, where markets continue order driven with light volumes.
EasyForexNews Research Team