European Session – Light volumes keeps currencies in ranges
March 29, 2013 1:50 pm
Currency markets were quiet in the European session, with very low liquidity and volume due to the long Easter holiday and most major markets being closed today. There were no key economic data releases during the session.
Euro was little changed against the dollar during the session, trading within yesterday’s range. EURUSD edged up to a high of $1.2825 from a $1.2804 session opening level.
Italy will be the main focus when markets return next week, as the country remains without a government for a month now. Also markets will pay attentions to the European Central Bank policy meeting next week.
GBPUSD traded from $1.5185 to $1.5205. Focus will be on the Bank of England policy meeting next week.
USDJPY opened in Europe at 94.12 yen and traded a very tight range, supported above 93.92 yen. Yen had remained resilient despite expectations for more aggressive monetary easing form the Bank of Japan.
EURJPY traded an extremely tight range between 120.31 and 120.66 yen.
Safe haven demand for the Japanese currency during the recent crisis in Europe these past two weeks because of Cyprus as well as month-end and quarter-end flows have helped support the yen.
In the longer term yen is expected to weaken further as Bank of Japan governor Kuroda pledged to take measures to help fight deflation and will increase asset purchases. Yen has slid 1.6 percent since February 28 and is on track to record the longest monthly falling streak since 2001.
Currency markets were quiet in the European session, with very low liquidity and volume due to the long Easter holiday and most major markets being closed today. There were no key economic data releases during the session.
Euro was little changed against the dollar during the session, trading within yesterday’s range. EURUSD edged up to a high of $1.2825 from a $1.2804 session opening level.
Italy will be the main focus when markets return next week, as the country remains without a government for a month now. Also markets will pay attentions to the European Central Bank policy meeting next week.
GBPUSD traded from $1.5185 to $1.5205. Focus will be on the Bank of England policy meeting next week.
USDJPY opened in Europe at 94.12 yen and traded a very tight range, supported above 93.92 yen. Yen had remained resilient despite expectations for more aggressive monetary easing form the Bank of Japan.
EURJPY traded an extremely tight range between 120.31 and 120.66 yen.
Safe haven demand for the Japanese currency during the recent crisis in Europe these past two weeks because of Cyprus as well as month-end and quarter-end flows have helped support the yen.
In the longer term yen is expected to weaken further as Bank of Japan governor Kuroda pledged to take measures to help fight deflation and will increase asset purchases. Yen has slid 1.6 percent since February 28 and is on track to record the longest monthly falling streak since 2001.
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