USD/JPY edges lower ahead of nonfarm payrolls

USD/JPY eased down in Asia with EUR/JPY sales leading both pairs down. Reports German-Greek Finance Ministers couldn’t come to an agreement contributed. Hope does remain for an EU-Greek debt deal however, limiting the EUR push down.EUR/JPY pushed down from 134.93 to 134.45 in thin trading, making tracks away from last night’s 135.14 high. USD/JPY was dragged down in sympathy from 117.55 to 117.27.

EUR/USD and most of the EUR complex traded soggier in Asia following rallies yesterday. Europe and the US took a more sanguine approach to the ECB move on Greek debt, and hopes for an EU-Greek deal remained. Late news that the German and Greek FinMins could not come to any agreement helped EUR down modestly in Asia. EUR/JPY again led the way, down from 134.93 to 134.45. EUR/USD edged down from 1.1486 to 1.1461. Large option expirations at 1.1400 (982 mln), 1.1450 (751) and 1.1500 (1.543 bln) helped anchor the market down.
EUR/GBP traded soggy between 0.7478-88. EUR/CHF was the exception, getting a bump up from 1.0570 to 1.0596 before steadying but on no volume and essentially going nowhere in Asia.

GBP/USD consolidated overnight gains in Asia, holding between 1.5319-40 and just below last night’s 1.5345 high. Technically, a break up above 1.5345-55 could see a leg up to 1.55 and levels last seen in early January.

USD/CHF got a bump up from 0.9208 to 0.9241 in sync with the EUR/CHF bump up.

AUD/USD opened in Asia at 0.7800 and kept to a very tight 0.7795-0.7808 range ahead of the RBA MPS. The report was balanced and contained no fresh guidance. With some players expecting the worst after Tuesday’s surprise OCR cut, a relief rally ensued, sending AUD/USD to 0.7860News of the government leadership spill was taken in stride. A vote Tuesday is still possible but unlikely

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