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Market Comment20.04.2009 (07:57)
The
EUR-USD moves dictated the trading action in Asia today with the
EUR-USD plunging through stops at 1.3000 and 1.2970, and dragging AUD,
NZD, GBP and CAD all lower in the process. The catalyst could easily
have been just to target the stops, but comments from ECB's Trichet
over the weekend, suggesting the possibility of a May 25 bp ECB rate
cut and other easing measures also helped to fuel the selling. EUR-USD
dropped from highs of 1.3049 to lows of 1.2966. The large slide in
EUR-JPY on the back of the EUR weakness, also helped weigh on USD-JPY
and JPY crosses with USD-JPY falling from 99.41 to lows of 98.63. Asian
stocks were mixed today. U.S. treasury yields retreated after strong
gains on Friday in NY.
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