Quiet Asian session in holiday-thinned trading, dollar eases

EUR/USD opened in Asia at 1.0911, dipped slightly to 1.0903 before bouncing to 1.0942. With no economic data releases in the European session, price consolidation is likely in holiday-thinned trade. The euro is being used as a funding currency for carry trades again.

USD/JPY slipped in holiday-thinned trading. The pair was bid early but the fell to 120.53. The Tokyo Nikkei was down and the yen gained. EUR/JPY was steady in Asia, between 131.83-99, but the underlying bias is still down.

Bank of Japan Governor Kuroda in a speech today said the BoJ will allow policy adjustments (more easing if needed, and reiterated his determination to do whatever it takes to beat deflation and achieve price objective,. He said energy prices still main risk, and the Bank’s target cannot be achieved without wage gains too.

GBP/USD was steady in very quiet Asian trade, range 1.4870-87. EUR/GBP was slightly better bid, trading the session between 0.7332-48.

USD/CHF was on back foot, moving from 0.9916 to 0.9883. EUR/CHF was steady in Asia, between 1.0805-16.

AUD/USD opened in Asia at 0.7234, traded up a leg from 0.7227 to 0.7260.

NZD/USD ends 3-day run of higher highs/lows. The pair closed in New York at 0.6795. Asian trading was subdued, in a range of 0.6787-0.6809.

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