ForexLive Asian market wrap: IMF livens things up by saying that Yen moderately overvalued
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No great surprise in comments that Yen is overvalued, but EUR/JPY jumped 40 pips on the comments from IMF
Japan May CGPI -0.5% YoY
Japan tertiary index -0.3% MoM
Australian May business conditions index -4
Professional market positioning at near record lows
UK economy: House price falls slowing down; jobs growth anaemic
Fed's Evans: Expects 2.5% GDP growth over next 18-24 months
Stockmarkets -1% on average
Gold $1594/oz; Oil $82/bbl
EUR/USD closed in NY near 1.2470 after a very soft session of one-way traffic. Early Asian trade saw EUR/JPY selling driving further south but EUR/USD finally ran into some decent bids near 1.2450 and started to bounce. The IMF comments encouraged more EUR/JPY short-covering and took EUR/USD to its session highs. Ranges: 1.2449/98; EUR/JPY 98.68/99.44
AUD/USD followed the EUR lead for much of the session, relying on AUD/JPY flows to generate some movement. Ranges: .9846/.9904.
USD/JPY sold off early on cross-JPY selling but very solid bids on the approach to 79.00 dissuaded the bears ands we've seen a sharp short-covering rally after the IMF comments. Ranges: 79.13/59
Cable 1.5454/59; EUR/GBP .8049/67; EUR/CHF 1.2010/11
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