USD/JPY trades above key 120.00 level

Posted On 12 May 2015

USD/JPY extends gains in Asia after a surge in the New York session to 120.07. The pair opened in Asia at 120.06 and rose to 120.26 to beat Friday’s post – nonfarm payrolls high. There were no data releases from Japan, so the dollar continued to remain supported. The next risk event will be Wednesday’s US retail sales data.

EUR/JPY opened at 133.92 and after a brief dip to 133.73 it rose to 134.51 in quiet Asian session trading.

EUR/USD opened in Asia at 1.1155 and mostly remained in a range until late in the session to 1.1188. Greece persuaded its creditors at the Eurogroup meeting that it will avoid a default and made a 750 million euro loan installment to the IMF today. However the euro will likely come under pressure as Greece will run out of funds ibn two weeks if it doesn’t receive a bailout soon.

GBP/USD held onto gains made after a big rise yesterday to 1.5612 and it traded a very tight range in Asia as it consolidated those gains. EUR/GBP was steady between 0.7153-68 after a fall to 0.7141 yesterday.

USD/CHF hit a high of 0.9357 in Asia before sliding to 0.9335. EUR/CHF was steady between 1.0412-20 in Asia.

AUD/USD opened in Asia at 0.7890 and rose to 0.7940 on upbeat Australian home loans data. A move up in iron ore prices was also supportive for AUD. The Australian budget is the next risk event.

NZD/USD opened at 0.7335 and eased to 0.7328 early before bouncing to 0.7368. Downside bias remains.

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