It seemed that the Asian session was controlled by a tough period of selling of JPY in opposition to both the USD and EUR with hedge and model funds along with the activities which was as well triggered by stops. USD-JPY rebounded from lows about 93.50 to highs of 94.32 whilst EUR-JPY had rebound from 132.91 to highs of 134.30. EUR-USD, consequently, the cross gains, went up from 1.4200 to highs of 1.4243 while traders are currently stating that long term holders of EUR began to pare holdings on rebounds. There was no obvious direct catalyst for the activity but expected Toshin fund issuance on Friday assisted strengthen to make a hold for the JPY weakness.
Japan's trade surplus broadened to Y508 bln in June. Asian stock markets were generally higher, with the Nikkei overturning early losses as exporter stocks went up in proportion to JPY weakness. Oil held more than $65 in spite of on going data indicating surplus inventory.
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