Despite what was once again a rather slow day in Asia, the Euro made gains to put it over the 1.2400 big figure, riding the momentum of yesterday’s surprisingly solid Spanish bond sales. The earlier sales of 10 and 30 year bonds to the tune of about 3.5 billion Euros helped to allay fears that Spain may be on the same path as Greece and subsequently took risk aversion off the table. Last night in the London session those auction results sent the Euro screaming from 1.2240 to 1.2410 highs. Today in Asia, those highs were revisited, albeit briefly, after the session began near 1.2375 and topped out on 1.2412 highs. The moves were accelerated by shorts being squeezed out as well as dollar weakness attributed to poor employment data out of New York.

Cross yen pairs looked to end the day mostly unchanged with the EUR/JPY trading between 112.40 and 112.80 and the GBP/JPY trading from 134.90 to 134.40 with most players exiting risk ahead of the weekend as usual. The USD/JPY pair opened the trade day at 91.05, but looked to exit the session at lows near 90.75. AUD/USD rode the risk higher to 0.8710 which were in fact new monthly highs, but a late round of profit taking dropped the Australian currency to 0.8680 by the London open. After a new record high in XAU/USD of $12.51.03 earlier in the day, the precious metal lost some glitter as it slid $4 in Asian trade to $1244.00.

All in all the end of the week has been lethargic at best, and with no major data on the table to end the week in the US most investors will ride this quiet into the weekend unless disrupted by rouge comments or events. With a good deal of soccer (football) lined up for the weekend many traders are already looking ahead to what next week has to offer. Have a nice weekend…