USD/JPY flat, EUR/USD hovers in low 1.09s

USD/JPY opened in Asia at 120.47 after not moving despite a rise in risk appetite. The Asian session was very quiet for the USD/JPY pair as it traded in a 120.44/58 range. Heading into the afternoon it was trading right where it opened at 120.47. • More 120.00/121.00 range trading is likely ahead of year-end, with bias to the downside.

EUR/USD opened in Asia at 1.0919 after Tuesday’s drop to 1.0898. The EUR/USD pair was sidelined in Asia due to thin trading ahead of the holidays. The range for the Asian morning session was 1.0919/34 with small volumes. Range trading between 1.0900 and 1.1000 into year-end is a likely scenario.

GBP/USD moved off an 8-month low of 1.4784 and rose to 1.4837 in late Asian trading.

AUD/USD opened in Asia at 0.7295 after buoyant commodities and equities helped support the aussie. But then the market focus shifted to the USD/CNH in Asia – as it hit a fresh 4 year high at 6.5965. China is a major trading partner for Australia and so any news related to China affects the AUD. The move up in USD/CNH pushed USD/AXJ higher and so AUD eased lower in sympathy. AUD/USD traded to a low of 0.7272 before steadying.

NZD/USD closed at 0.6876 in New York, the highest in 6-months. The pair traded 0.6848/76 thus far in Asia, last trading at 0.6852.

In the equity markets, the Nikkei was up 0.28% late morning at 19,034 while the Shanghai Composite was flat. The Australian ASX was up 0.94% in late morning.

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Source:: USD/JPY flat, EUR/USD hovers in low 1.09s

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