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7 Jan 2015
Asia Recap: Early USD surge, Yen well offered
FXStreet (Bali) - Most of the action seen during the Asian session occurred at the get go, right after the NY close, with the USD surging against main rivals before stabilizing.
The Euro registered a fresh 9-year low with market players triggering a barrier at 1.1850, setting a new cheap low at 1.1842 before a bounce towards 1.1880/90. There are reports of further layer of stops at 1.1800, with fresh offers at 1.1930 up to 1.1955. Another German tabloid, this time the Bild newspaper, made references to a possible Greece exit from the Eurozone as the Syriza alliance remains ahead in the polls, with Germany reportedly making contingency plans in case Greece does actually leave the euro zone.
Demand for USD/JPY was strong in Asia, with a mix of Japanese importers, bargain hunting and buys via specs pushing the rate above 119.00, topping out at 119.16, before retesting the level. The Australian dollar printed its lowest at 0.8055 over the Tokyo fix, with a slight bounce back up to the 0.8070’s vicinity afterwards. Stops are reporters below 0.8050-60, while sell orders are touted just ahead of 0.81, with stops through 0.8110. NZD/USD, meanwhile, settled around 0.7750-60 after a topside failure off 0.78 in late US trade.
The Euro registered a fresh 9-year low with market players triggering a barrier at 1.1850, setting a new cheap low at 1.1842 before a bounce towards 1.1880/90. There are reports of further layer of stops at 1.1800, with fresh offers at 1.1930 up to 1.1955. Another German tabloid, this time the Bild newspaper, made references to a possible Greece exit from the Eurozone as the Syriza alliance remains ahead in the polls, with Germany reportedly making contingency plans in case Greece does actually leave the euro zone.
Demand for USD/JPY was strong in Asia, with a mix of Japanese importers, bargain hunting and buys via specs pushing the rate above 119.00, topping out at 119.16, before retesting the level. The Australian dollar printed its lowest at 0.8055 over the Tokyo fix, with a slight bounce back up to the 0.8070’s vicinity afterwards. Stops are reporters below 0.8050-60, while sell orders are touted just ahead of 0.81, with stops through 0.8110. NZD/USD, meanwhile, settled around 0.7750-60 after a topside failure off 0.78 in late US trade.