Opened in early Europe at Y76.89 and Y97.81 Little to be said of the yen complex overnight after the dollar opened in Asia at Y76.86 and traded a Y76.82-92 range. EUR/JPY was little better following EUR/USD moves with a high of Y97.85 from early lows of Y97.67. Into Europe and the quiet theme continued with USD/JPY trading a very tight Y76.88-98 range. The rate firmed on the open to test session highs before easing on strong EUR/USD gains to Y76.88 where reported large bids are building on the platforms. EUR/JPY opened at the range bottom and traded on a buoyant tone throughout the session. Middle-Eastern EUR/USD demand lifted the rate to Y97.96 in early dealings, before easing on profit taking. The cross spiked to Y98.12 on dip buying and better than expected Spanish auction results, before more profit taking pressed the pair through Y98.00. Risk sentiment returned and a well received Italian auction nudged the pair higher to Y98.15, later easing to Y98.08 ahead of the NY open.
EasyForexNews Research Team