Markets await non-farm payrolls

JPY
• USD/JPY, most other JPY pairs buoyant, topsides limited on risk events.
• US non-farm payrolls tonight, holiday tom, Greek vote Sunday risk events.
• USD/JPY up from 123.14 to 123.47 before easing back, US yields supportive.
• Option expiries help bracket-anchor – 123.00 1.318 bln, 124.00 500 mln+.
• EUR/JPY 136.06 to 136.63 bounce, ease later, GBP/JPY 192.16 to 192.64.
• AUD/JPY 93.98 to 94.42 but NZD/JPY down leg, 82.93 to 82.52, bias down.

EUR
• EUR/USD opens Asia at 1.1053 after tracking lower o/n on solid US data.
• USD broadly bid early Asia, EUR/USD drifts down to 1.1032.
• Fresh buys, profit-taking by shorts later, bounce to 1.1078.
• 1.1025-35 support affirmed but market thin, participation low.
• Resistance @1.1110, range eyed ahead of US jobs report.

GBP
• Cable see-saws between 1.5599-1.5617 in Asia, quiet.
• EUR/GBP slightly better bid, short-covering? 0.7075 to 0.7093.

CHF
• USD/CHF heavy after push up to 0.9490 yesterday, Asia 0.9489 to 0.9460.
• EUR/CHF sideways in Asia, 1.0469-82, high yesterday 1.0493.

AUD
• AUD/USD opens Asia at 0.7644, trades 0.7629-55, low-key affair.
• Trade data worse than expected but produces on brief dip.
• AUD/NZD 1.1355 to 1.1415, weak Fonterra auction helps.
• Eyes on US non-farm payrolls but US holiday tomorrow to keep things quiet.

NZD
• NZD sub-0.6700 for first time since June ’10, Asia 0.6736 to 0.6694.
• Move coincides with AUD/NZD surge, thru 1.14, fresh post November 13 top.
• More bank calls for RBNZ to ease, unwind entire 100-bp tightening cycle.
• Commodity prices also weak, weigh on NZD, NZD offered on broad front.
• Trade-weighted NZD at multi-year lows.
• 0.6561 May 10 cycle low targeted, then 0.6402 61.8% Fibo of 2009/11 rally.

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