Asia Session - April 13, 2009 1:35 AM

With many traders still enjoying the Easter holiday weekend the action in Asia was subdued at best, with small ranges and not much commentary to go along with it. USD/JPY was mired in a range of about 28 pips all session, bouncing between 100.23 and 100.50 for a high, with Friday’s announcement of a third stimulus package for Japan did not carry any elation over the weekend. EUR/USD dropped off of 1.3190 highs early on in the session as traders still look at the recovery in the US as hopefully long lasting, sliding to a 1.3116 low, dragging EUR/JPY with it. The Euro then spent the rest of the session climbing back to 1.3175 by session’s end. Once the holiday weekend is brushed off the focus is on financial institution earning that are due in the US this week. The moves of the day went to the Aussie Dollar, and with Australia out on holiday the thinned market took the pair to the extremes, dragging all the Aussie crosses around with it. AUD/USD opened almost 80 pips higher and hit its 0.7278 high out of the open gate, but stops triggered the downward move to 0.7205 within minutes. The pair hit a 0.7185 low before grinding back to 0.7230 by Europe’s open. Don’t expect much out of the Europe session today as the entire region is out for Easter Monday. Full text »