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Asian recap: Aussie and Yen run the show, majors playing second fiddle

FXStreet (Moscow) - No news is good news the old saying goes, though when it comes to financial markets, conventional wisdom often fails. Lack of economic news and fairly dull macroeconomic calendar in Asia were compensated by gossips, rumors and nervous sentiments. The Japanese currency has been gaining ground across the board for the first time in seven days as news about New York city doctor tested positive for Ebola supported demand for risk-free assets. Fears about Ebola spreading are coupled with concerns that the global economy is weakening - perfect environment for rush to safety. The pair touched the Asian low at 107.85, but it was met by fresh demand and quickly recovered towards 108.00. Now USD/JPY  is desperately trying to get below 108.00 pivot.

Aussie traders have been moody lately. They have pushed AUD/USD  towards 0.8717 low in Asia on the rumors that some major banks are revising their RBA rate forecasts and on overall risk aversive sentiments. There were some speculations about major bank selling Aussie for dollars in Tokyo, which may have increased the short-term downside pressure on the Australian currency. AUD/USD was last seen at 0.8759, marginally lower on the day. The pair has been moving in a wide range limited by 0.8717 on the downside and 0.8768 on the upside.

Other majors are boring (as usual in Asia). EUR/USD  was last at $1.2650, nearly unchanged on the day in the middle of a narrow 1.2644 to 1.2662 range. GBP/USD  has not been a big mover either as the pair opened at 1.6029, touched and the Asian low at 1.6020 and then climbed towards 1.6037. The pair enjoys light bullish momentum ahead of UK GDP data published later during European hours.

NZD/USD  is moving within a range limited by 0.7838 on the downside and 0.7894 on the upside. The pair dipped to the lower border of the mentioned range early in Asia following the NZ trade balance report that showed weaker than expected results. Since that time kiwi managed to recover. Now it is trading at 0.7831, marginally higher on the day.

USD/JPY desperate to get back below 108.00 pivot

USD/JPY is trying to break below 108.00. The pair recovered from the Asian low at 107.85, but the bearish momentum is still strong as markets feel risk-aversive following the news about Ebola case registered in NY
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