Session Recap: USD squeezes shorts; Yen dips to fresh weekly lows

FXstreet.com (Barcelona) - Thought to be a quiet session today in Asia-Pacific, turned out to be quite a wild one, with USD/JPY jumping more than 100 pips from NY session lows to briefly cross above the 102 figure, while AUD/USD has made the round trip from starting around the 0.9640, to print lows below the 0.96 mark, and back above the 0.9650 area last.

Pretty much all USD pairs moved in same fashion back and forth but USD/JPY and USD/CHF that holds onto gains. EUR/USD posted fresh weekly lows at 1.2883 to be trading last at 1.2915, GBP/USD to 1.5063 last at 1.5102, and NZD/USD to 0.8060, last at 0.8088. USD/CHF moved to new highs at 0.9686, holding also into gains at 0.9663 last. Gold posted fresh session lows at $1386 falling from session highs at $1396, while Oil has been flat around the $93.5$, off session and weekly highs at $93.80.

Local share markets were big part of catalyst for the session, with Nikkei turning around from session lows below the 14000 figure down -1% to session highs above the 14350, last at 14308 up +1.17%. All other local share markets are in the positive as well, with Korean Kospi up +0.43% and Australian ASX up +0.36%.

Main headlines in the Asian Session:

Bank of Canada rate hike expectations pushed to end of 2014

S&P: France must deliver to protect rating

EUR/JPY continues to find bids near the 130.00 area

AUD/NZD: Goldman Sachs cuts their 1 year target to 1.1100

Japan Corporate Service Price (YoY) decreases to -0.4% in Apr from -0.2%

Kiwi claws back earlier losses as buyers continue to defend 0.8050

AUD/JPY climbing higher toward initial resistance located above 98.00


GBP/USD chopping around 1.5100 in Asia trade

AUD/USD erased all loses, back above 0.9630

Bearish chart pattern developments still favor further downside in EUR/USD