USD/JPY falls through 120.00

JPY
• The yen strengthened on Tuesday after the Bank of Japan refrained from expanding its stimulus
• USD/JPY rose early to 120.66 before falling fast through the key psychological level of 120.00 to 119.91.
• EUR/JPY rose to 136.39 before falling to 135.84, GBP/JPY to 186.08 then 185.01.
• AUD/JPY to 76.37 on Australian PM change then off to 85.47, NZD/JPY 76.37 to 75.71.

EUR
• EUR/USD opened in Asia at 1.1315 after a choppy US session.
• The pair fell early to 1.1300 on broad USD strength.
• After USD shifted into reverse, EUR/USD then rose to a session high of 1.1329.
• More consolidation eyed into the FOMC policy announcement Thursday.

GBP
• GBP/USD was range-bound in Asia, 1.5416-33.
• The pair’s direction will likely be a function of FOMC decision, GBP consolidating with EUR.
• EUR/GBP goes nowhere fast in Asia, 0.7328-39, looking for direction.

CHF
• USD/CHF soggy again after blip up to 0.9720 o/n, Asia range 0.9671-90.
• EUR/CHF also heavy, going nowhere, Asia 1.0947-57.

AUD
• AUD/USD opened in Asia at 0.7139, rose to 0.7166 early, then fell to 0.7123.
• On Monday the aussie rose after PM Tony Abbott was ousted by Malcolm Turnbull who is seen as more pro-business, so this is AUD-positive
• 0.7152 New York high pierced but little follow-through. AUD/USD fell after RBA minutes
• Another fall in the Shanghai Composite helped AUD to its low.

NZD
• NZD/USD New York close 0.6331, Asia trade nondescript, 0.6312-42 range.
• Up early and then off later with AUD/USD, Shanghai Composite weak again.
• Overall interest well below average ahead of Thursday’s FOMC meeting.
• Fonterra/GDT auction next up, balance of payments to follow.

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