Asia Session - July 9, 2009 1:55 AM

Today’s session saw the Yen slip off of its massive NY session gains that were sparked by traders seeking a safe haven in a risk adverse climate brought on by concerns over global growth. After peaking mid day in NY on almost 2% moves against both the Euro and Dollar, the retracement began, and the follow through continued into Asia with the Yen falling amidst a flurry of sales. The dollar received the same treatment, as cooler heads prevailed from the earlier panic to flee riskier assets. USD/JPY continued to bounce from its earlier 5 month low of 91.80, pushing from a 92.80ish open to break the 93.50 level before a 25 pip retracement to end the session. After an earlier collapse from 131.50 to just over 127.00, EUR/JPY opened the day just under 129.00 and drove a full big figure higher to flirt with 130.00. GBP/JPY produced an even more dynamic move, grinding higher from 148.10 session lows to highs near 150.45, only two big figures short of yesterdays highs. AUD/JPY and NZD/JPY both posted nice gains as well.
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