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Asia Recap: Consolidation in G10 FX

FXStreet (Bali) - It has been a sedated Asian session, with G10 FX consolidating in slim ranges amid the absence of any external stimulus, neither commentaries from policy-makers nor economic releases of interest allowed greater volatility.

AUD/USD made an early attempt to rebound, with good buying from corporates near lows noted, but found a wall of offers above 0.8560, leading to a retracement towards 0.8530, from where a slow grind higher to 0.8540 was seen. It is worth noting that a huge 3bln expiry at 0.86 is due today at the NY cut, potentially acting as a draw should price get into closer contact ahead of the roll-over time.

USD/JPY saw torrid trading, with the intraday bias still dovish as per lower lows and lower highs being printed in the hourly chart since an early spike to test 108.30 in early US. The pair remains buffeted in a 108.50-107.30 range.

NZD/USD simply mirrored the moves in the AUD/USD, but with AUD/NZD fast approaching 1.09 formidable support, the NZD also saw its recovery limited by cross flow sales. NZD/USD is currently exchanging hands at 0.7820, with NZ trade balance on Thursday the next risk event for Kiwi traders.

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