- Germany set to agree to increase in size of firewall
- EFSF Regling: Bigger bail-out fund would help calm markets
- ECB Asmussen: EU economies stabilising at low levels
- New Zealand February trade surplus slightly higher than expected at +NZ$ 161 million
- Kospi -0.4%, other regional Bourses +0.25% on average
- Gold $1664/oz; Oil $106.50/bbl
Another very quiet Asian trading session has seen the majors trading in tight range again.
Most hope of movement came from USD/JPY and the Yen crosses with talk of end-of-financial-year transactions and possible Toshin issuances but none of the former and little of the latter seemingly eventuated, with USD/JPY finishing a quiet session towards the upper end of a 37 pip range, 82.40/77.
AUD/USD saw slightly more volatility as usual, trading in a 50 pip range, but we end the session pretty much unchanged from the NY close on Friday. AUD/JPY buying early in the session helped AUD/USD to a high at 1.0492 but momentum waned and the pair fell back to mid-range levels. Ranges: 1.0442/92
EUR/USD has had a very quiet 25 pip range despite numerous comments out of Germany over the weekend which would seem at first glance to be EUR sympathetic. EUR/USD did rise above 1.3280 early on today but plentiful sellers ahead of technical resistance at 1.3290 and a barrier at 1.3300 beat back the bulls. Range: 1.3259/84
Cable 1.5863/83; EUR/CHF 1.2043/53
