It looks like the trading week that began with a bang will end with a whimper…..With a lack of any earth shattering news as well as the looming G8 and G20 on deck this weekend, markets ended the Asian trade week sideways. The ill feelings from the earlier bruising of US equities were carried over to stock markets in Asia with Japan’s Nikkei 225 taking a beating to the tune of almost 2% as risk appetite remained absent on Friday. Many moves could be attributed to what has become a routine Friday happening of traders squaring position up before the weekend and whatever unseen events it might hold.

After a New York visit to highs just over the 1.2380 level, the EUR/USD remained constrained within a 40 pip range between 1.2300 and 1.2340 for the day in Asia. The moves in the EUR/JPY lacked momentum as well, with the pair threatening the 110.00 big figure, but never getting there. By late day the pair was back near session highs of 110.60. The Euro is once again facing the specter of Greece and its sovereign debt tribulations as the nations credit default swaps continue to climb. GBP/USD made a slow 55 pip climb higher to 1.4970 highs but that move was for naught as the pair dropped to fresh lows of 1.4915 in early London trading.

The Australian dollar spent the day on the defensive, dropping from 0.8680 to 0.8610 lows as investors dumped out of higher yielding riskier assets. The same could be said of the kiwi dollar, which followed a path lower to 0.7030 after an early start of 0.7080. Otherwise most pairs were in consolidation mode for the duration of the day.

USD/JPY once again remained tied to a 30 pip range, this time between 89.40 and 89.70 despite Japanese Core CPI coming in firm at -1.3% versus the projected -1.5%. The pair had rebounded off of a fresh one month low of 89.22 earlier in New York.

As stated, with the G8 and G20 meetings in Toronto scheduled this weekend, keep an ear out for comments that could skew the market open on Monday, otherwise, have a good weekend.