With Greek bond spreads still growing along with the continued uncertainty of a smooth resolution to the current debt woes, the Euro was once again victimized in the Asian session, dropping to two week lows against the dollar and one week lows against the yen. The EUR/USD slid from 1.3345 to the session’s lows of 1.3312, precariously close to a rumored option barrier said to be at the 1.3300 big figure. Against the yen, the European currency shed about 40 pips to skim along the 124.20 lows for the majority of the day. Overall, a renewed concern over the fragility as well as complexity of the Greek crisis coupled with the ECB rate decision due up in a few hours has kept the action contained.

USD/JPY remained buoyed near the 93.15 level after a colossal drop from yesterday’s 94.20 levels. The yen strength was due in part to a renewed wave of risk aversion as well as a reaction to a drop in US treasury yields due to better than expected demand in recent 10 year auctions. Yen crosses all remained near lows for the day.

The Australian dollar has continued to remain the shining star in Asia, staying just off 0.9280 highs heading into London trading after employment data came in right in line with expectations. Australian unemployment came in on target at 5.3%, while employment change was close to expectations with a result of +19.6K versus +20.1K. The data helped to perk up talk that the RBA may once again look to hike rates by a 0.25% at the May meeting.

Ahead in the London session we have both the ECB and BOE rate decisions with the expectations of both central banks leaving rates untouched at 1.00% and 0.50% respectively.