China slowing growth concerns and rising tensions in Ukraine are the main drivers of the markets again, leading to low trading volumes ahead of the weekend. Risk off sentiment led to a stronger yen as investors took flight to safety in the safe haven Japanese currency.
USD/JPY traded a less-than-30 pip range in Asia after tumbling to 101.53 in New York. The upbeat batch of US economic data (retail sales and jobless claims) did little to hold the pair up.
The euro tumbled overnight after European Central Bank Chief Mario Draghi mentioned that forward guidance would be used to curb the euro’s strength.
EUR/USD opened Asia at 1.3869 after reversing lower during the US session on the back of ECB President Draghi’s comments.
GBP/USD traded a 1.6612-25 range.
AUD/USD opened in Asia at 0.9031 and traded a modest 0.9014-43 range. After a brief rally on strong employment data on Thursday, the Aussie was back down to the 90 US cent level as it continues to struggle due to concerns over slowing growth in China, (Australia’s biggest trading partner).