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Session Recap: 27 or 27.000 contracts, the giving tree and the USD/JPY

FXStreet (San Francisco) - An apple, a boat or a house.. what would you request from the giving tree? USD/JPY moved wild during the American session lunch hour as talk says an order to buy 27 yen contracts was mistyped as 27,000 contracts.

The JPY rallied across the market on Wednesday amid the huge amount of contracts traded in the US lunch hour. Traders were asking for some kind of volatility and they got it. The USD/JPY fell from range around 102.35 through 102.25 support and traded at August lows at 101.75 in a matter of minutes.

"It eventually rebounded but the rally stalled below 102.25 and fresh selling sent it back to 102.00/05 late in the session," commented Jamie Coleman from FXBeat. "101.85 is a focus near-term." Currently, USD/JPY is closing at 102.10.

The EUR/USD fell to nearly 9-month lows around 1.3330 as the pair moved under pressure amid weak German factory orders and confirmation that Italy returned back into recession. The EUR/USD bounced back to current levels around 1.3380 with the 27K contract file.

The EUR/JPY tested lows since November 2013 at 136.15; the GBP/USD minimums in nearly 2 months a 171.55; the AUD/USD August highs at 0.9370 and the USD/CAD lost almost all of yesterday's gains and it extended rejection from 1.0985 to close at lows around 1.0910.

Main headlines in the American session

US: Trade deficit (Jun) shrunk to $41.54 billion

Canada International Merchandise Trade came in at $1.86B, above forecasts ($0B) in June

">UK: NIESR GDP Estimate at 0.6% in July

Wall Street closes slightly positive as investors weight Ukraine and Israel

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Mark Smith and Sharon Zöllner, Senior Economists at ANZ, reviewed Wednesday's NZ jobs data, noting that strong economic activity is continuing to flow through into the demand for labour.
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