Asian Session, August 24th 2010

24 August 2010 @ 06:12 am EDT

Once again the Asia session lacked potential market moving data, however unlike yesterday there was no lack of FX volatility. The US Dollar continued to strengthen versus European and commodity currencies; EUR/USD went from 1.2655 to 1.2620 and USD/CAD traded from 1.0515 towards 1.0570, meanwhile USD/JPY is back knocking on the 84 handle. Yesterday’s phone conversation between Prime Minister Kan and BOJ Chief Shirakawa took the topic of intervention off the table (for now) and traders appear keen to test their resolve. JPY-crosses have declined more rapidly today as risk aversion continues to dominate market sentiment recently; confirmed by the Nikkei 225 which back below the critical 9000 level and is down more than 1.30% at the time of this writing.

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