Asia Session - July 8, 2009 2:13 AM

Another thriller of a session in Asia as traders watched as the Yen took off higher like a speed demon right out of the gate, as risk aversion came screaming back into the market amidst uncertainty in the global economy. Traders watched the Yen fly away to six week highs against both the Euro and the Dollar, as investors were unable to keep the faith that the global economy was emerging from dangerous straights. This view was reinforced by bad Japanese machinery order data, which last month came in at -5.4% and this time around was forecast to be a positive 2.3% but came in at a very disappointing -3.0%, it however, never threatened what looked like a truly invincible Yen. EUR/JPY began its slide right from the open in Asia as traders beat it down over a big figure to just under 131.00. GBP/JPY suffered the same fate, dropping over 150 pips to near 151.50 lows. The Yen crosses have given those investors who were short reason to smile so far this month, as EUR/JPY for instance has collapsed almost seven big figures. Don’t let it get you down if you are one of the many who are asking, whatever happened to the “green shoots” of recovery? It might seem that at this point those who touted the “green shoots” were a bit premature in their euphoria, as recent losses in equities as well as optimism have clouded the horizon. Full text »