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Main FX Moves Come From JPY, AUD

Published 08/22/2016, 10:46 AM
Updated 07/09/2023, 06:31 AM

Daily FX wrap – Summer volumes hit the markets as many pairs remain range bound

As volumes remain thin, the main movers today come from Asia in the form of JPY and AUD. BoJ’s Governor Kuroda was quoted over the weekend saying that the Bank may consider potentially easing monetary policy this September.

This saw USD/JPY gap higher at the start of the session and then come down to fill the gap down to Friday’s range high. GBP/JPY was the major mover higher by 1% at one stage and now is currently up 0.6%. AUD/USD sold off at the start of the session and has subsequently pared those losses to trade near even for the day up 0.5%.

Elsewhere, the USD Index started the session higher (0.3%), but mid-morning the USD sellers came to market and pushed the index all the way back down, unable to test the 95.0 level. As such, approaching the London close, EUR/USD and GBP/USD reside above 1.1300 and 1.3100 respectively.

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