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· General mood is “risk off”

· USD/JPY breaches 128.00

· Japanese Industrial Production stronger than expected at 2.00%

What’s Moving

It was a relatively quiet session in Asia today, with the local data being largely shrugged off. With most markets having not been fully open since last Wednesday, players took the path of least resistance and bought the Dollar.

The USD was firmer against the Yen (new seven-year highs again), Swissy and the Euro. There was some nibbling on the Australian Dollar, with bargain hunters having emerged amid weaker levels.

Little key data is slate for Europe tonight and wit little more than housing stats out of the U.S. and Canada tonight, expect players to continue to focus on movements in U.S. interest rates.

Data tonight sees:

· Canadian Housing Starts (E: 249k)

· U.S. Housing Starts (E: 1.74mln)

· U.S. Building Permits (E: 1.83mln)


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