USD-JPY
Yet again, JPY cross buying was the center of attention in Asia, sending the dollar lower in opposition to most currencies but the JPY. U.S. and foreign entities were apparently be behind the buying following the DJIA close over 8,000 on Friday and as Asian stock markets bounced in return. USD-JPY went up to highs of 100.92 but option defense of 101.00 stopped a move higher. EUR-USD gapped from Friday’s NY finishing levels approximately 1.3485 to 1.3514 and continued to rally to highs of 1.3582 on the back of EUR-JPY gains. Whole Asian stocks were generally higher today, with some such as S. Korea and Taiwan testing 6 month highs.
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