Asian Session, April 9th 2010

By IBTimes Staff Reporter | April 09 2010 5:01 AM

The dollar ended the week mixed in Asia, showing gains against the yen but losing some ground against the Euro in a rather quiet session. USD/JPY saw one way moves higher to 93.60 despite the fact that markets are expecting the possibility of a Chinese yuan revaluation which would be considered yen positive. Rumors have been heard that a possible revision to China's currency policy could come prior to the April 12 meeting in Washington D.C. between President Hu Jintao and US President Obama. In the mean time, traders can only sit and wait for the proposed yuan flexibility.

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The Euro saw an early wave of short covering that pushed it to 1.3380 against the dollar and 125.12 against the yen. However, the highs were short lived as the shorts cleared out, deflating the earlier gains. Overall the Euro was looking healthier after ECB President Trichet assured the markets that Greece was not at any risk of default. For the most part, the yen crosses remained bid due to leftover optimism due to positive signs from the US retail front, and short covering in risk currencies ahead of a weekend that will feature a Chinese Trade Balance release on Saturday. ECB President Trichet will also be speaking at an engagement on Saturday as well.

With all major data out of the way for the week it looks like markets will now continue to focus on Greece and its sovereign debt, China and its anticipated revaluation of the yuan, and finally, the upcoming election in the UK. Have a nice weekend....

Data Releases (London Session) prior expected

4/9/2010

2:00

CH

Entrepreneur Confidence Index

1Q

127.1

- -

4/9/2010

2:00

CH

Business Climate Index