With the USD trading a Y76.66-85 range after opening at Y76.83 following a dip in NY yesterday to Y76.55. The pair lost ground on some general dollar weakness as EUR/USD continues to be buoyed by leveraged buyers. The EUR strength led the cross marginally higher to Y98.05 from Y97.84 on some short covering and stops are seen above through Y98.40 and Y98.80. Dollar bids are still sitting ahead of Y76.50 and are layered lower to Y76.00 amid some stops starting from Y96.45. AUD/JPY slipped from Y79.81 to Y59.57 but later recovered to the earlier highs. GBP/JPY drifted down to Y117.65 from Y117.85. The Nikkei pushed up around 1.5%. Japan’s Nov industrial output came in at -2.7% m/m with the cap utilization index at -2.9% m/m. Fin Min Azumi voiced concerns about the impact of the Volcker rule and stressed that the EU must take greater steps to resolve the current debt crisis.
EasyForexNews Research Team