With a shortage of data and little market direction to begin the week after the US holiday weekend, currencies took their cue from softer Asian equities, as the Yen got a boost from investors seeking safety. The moves in Yen began in earnest at the open, with USD/JPY opening lower and continuing to fall as the session progressed. The pair opened just above the 96.00 figure and sank to near 95.25 before a little bounce near the end of the day. Lower stocks in Japan led by the Nikkei’s losses of over 1% put weight on all yen crosses led by an almost 200 pip drop in GBP/JPY which fell from just south of 157.00 to a touch under 155.50. EUR/JPY was only a few steps behind, falling from near 134.00 to just under the 133.00 big figure. The Yen also forced losses against its Aussie, Kiwi, Canadian and Swiss counterparts. Traders look to take positions in the Yen or to a lesser degree these days, the Dollar when uncertainty casts a cloud over the markets. Full text »
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