FXstreet.com (London) - Heading to the end of a relatively soft session as players paused for breath after sharp reactions in previous trade. After early gains major Dollar pairs consolidated during thin Asian trade.

Nikkei sustained losses of over 120 bps as investors flocked to safe haven assets classes such as the Dollar, moving away from riskier asset classes such as stocks and commodities. Commodity currencies were however resilient this session, regaining some losses against the Dollar.

Gold traded extremely tightly moving only cents around its current level of $1129, down around $30 from its highs in the previous session

London will likely open with some negative cues form the weakness exhibited in Asia. This week ECB release interest rate decision (Thurs) both of which have significant market moving potential, should rates be changed.