We just witnessed a very humble end to rather jumpy week in currencies. With a lack of any real data or news, markets remained mostly risk adverse after poor employment data and sagging equities pulled traders out of riskier assets earlier in New York. Asia saw the yen and dollar continue to hover near highs on the continued concerns that the US recovery has stalled out. Added to the mix was the continued apprehension that traders felt in putting on any positions associated with the Japanese yen due to the recent wildcard commentary coming out of Tokyo. Despite a noted reticence to add positions in the yen, EUR/JPY was seen hitting an almost one month low at 109.00. Those lows were reversed due to what can only be labeled as the BoJ “crying wolf” once again with an announcement of an emergency meeting that subsequently failed to materialize, much like yesterday. USD/JPY saw tepid action with lows near 85.20 and highs just over 85.50. A continuous cacophony of talking heads out of Japan kept traders on their toes and the yen caught in a range of meaningless moves ahead of the weekend. EUR/USD was dead in the water between 1.2815 and 1.2790 and hardly worth the mention that it just received.

Elsewhere, bullish commentary from Deputy RBA Governor Battelino failed to illicit meaningful bids as the Australian dollar remained between 0.8880 and 89.25 against the greenback for the day. Tomorrow’s upcoming election which looks to be deadlocked at 50% each will see Labour Party Prime Minister Julia Gillard fight for her newly claimed Prime Minister seat from Liberal-National Collation challenger Tony Abbott. With both parties neck-in-neck the possibility of a hung parliament looms large. Have a great weekend…