Dollar-yen closed in NY Friday at Y92.68 after rate had extended its corrective pullback of recent highs of Y94.07 (Feb6) to Y92.17 before recovering to Y92.92 ahead of the close. Trade in a holiday thinned Asian session (Sydney the only major centre open due to Chinese new year and Japan Natl Foundation Day) kept rate confined to a range of Y92.37/90, the high seen in opening trade before rate sank to the lows on euro-yen profit take sales. Rate recovered, settling between Y92.50/70 ahead of Europe. Euro-yen closed NY at Y123.87, having seen lows in this session of Y123.43, the rate posting highs into early trade of Y124.10 before turning lower on that reported profit take selling, pressing to lows of Y123.50 before it recovered ahead of Europe to hold around Y124.00. Asian holidays and adverse weather in the US could make for a subdued Monday session, with headline risk moving back to the fore with Eurogroup meeting today and G20 at the end of the week.
EasyForexNews Research Team