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Session Recap: USD, JPY enjoy follow through in Asia

The Yen was the strongest currency in Asia, with the US Dollar following the Japanese tail very close by. The main moves in Asia were in the Yen, which continues to recover ground, despite price activity is becoming more and more erratic, with moves increasingly subject to a headline-by-headline basis on BoJ leading candidates jawboning. The Pound and the Euro, meanwhile, found no remedy to stop the bleeding, and both tumbled again in late Asia.

Main headlines in Asia (in chronological order)

- Wall Street falls hard as FOMC considers ease stimulus

- Recap of BOJ’s Morimoto comments yesterday – “BOJ Board Member Urges Fiscal Overhaul”

- Yen retains weaker tone on BoJ candidates headline

- Goldman Sachs – USD/JPY needs to be around 115 to beat Japanese deflation

- Australia: RBA Foreign Exchange Transaction (Jan): 393M

- EUR/JPY: Dealers eyeing possible double-top on short-term charts

- China Feb MNI Business Sentiment Indicator increase to 61.79 vs 55.16

- Conference Board January China Leading Economic Index +1% to 253.4 (vs. +0.4% in December at 251.1)

- S&P on the wires warning of economic correction in China

- More on that talk of China overinvestment creating downside risk

- Little the RBNZ can do to smooth the Kiwi's rise - BNZ

- USD/JPY below 93.50 on more BoJ-related jawboning

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Forex: GBP/USD pounded below 1.5200

GBP/USD is literally being pounded at this moment at 1.5155, off fresh 2.5-year lows at 1.5129, down -0.58% for the Asian session alone, -2.2% for the week, and -6.77% for the new year. Pound is by far the weakest major currency among all for current week, falling 7 out of the last 9 days. Volatility is back on track, as it averages 120+ pips for last 14 daily ranges, bouncing from 10 year record lows back in late Nov.
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