Forex Market Update: Early Asia Trading
The JPY cross trends were once more the main direction indicator bias in Asia with the crosses heading for decline and flowing with the activity in the DJIA stock futures. The DJIA futures marked 3 digit losses in previous Asian trading, as Asian stock markets declined also. This moved JPY crosses lower, which sequentially dropped on AUD-USD, NZD-USD, EUR-USD, GBP-USD, and USD-JPY. DJIA futures minimized the losses by the afternoon, and this caused USD-JPY and JPY crosses bounce in tandem. USD-JPY which opened around 102.25 in early Asia, went down to lows of 101.13 previous to staying at about 101.40 in the afternoon. EUR-USD went down from 1.3646 to lows of 1.3535 and stayed at about 1.3572. EUR-JPY went down from levels at about 139.30 to lows of 136.95, stabling at about 137.61 into the afternoon
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