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Session Recap: Yen buying gains traction; Euro consolidates losses

Investors in Asia are getting comfortable buying the Yen, it seems, as the currency ends yet another session as the to performer, this time on supporting Tokyo headlines, in which rumour has it that the favourite candidate to replace ongoing BoJ governor Shirakawa is Toshihiro Muto, who is seen as less dovish than the other front runner, Mr. Kazumasa Iwata.

Meanwhile, the New Zealand Dollar continues to make merits to be known as the 'darling' of the FX market, replacing the Aussie in that position. Talking about the Aussie, the currency is consolidating gains above 1.0360, signs that the downtrend structure has been severely damaged. The Euro and Pound, main losers on Thursday, may be classified as neutral, having consolidated recent losses.

Main headlines in Asia (in chronological order)

- USD/JPY ends at 3-day low; evidence of top below 92.00

- Wall Street closes mixed pressured by European data

- New Zealand sales up 2.1% vs 1.1% estimates; NZD/USD reaches new 1.5 year high

- NZD/USD is on fire! break of 0.85 allows 0.8560/70

- Negotiations to pick next BoJ chief soon underway

- AUD/NZD to as low as 1.15 - TDS

- USD/JPY retesting 92.70 lows on Amari headlines

- Japan's Muto leading candidate to take BoJ post, Reuters say

- EUR/JPY downside incomplete; room for 123.35/50 and even lower - FXA

- Japanese December revised Industrial Output is at +2.4% vs. +2.5% for the preliminary reading

- The BOJ has released its monthly report, has revised up its economic assessment

- Kiwi strength to stay – ANZ

- RBA’s Kent: Comments on China and mining

Forex: Selling EUR/USD, still a profitable short term strategy?

The key market theme during Thursday was the poor data in Europe, where a sequence of worse-than-expected GDP figures in France, Germany and the Euro zone as a whole, came as a 'shock' for those speculators trying to reverse the growing short-term bearish outlook in the pair. the Euro underperformed across the board, tumbling around a cent.
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Forex: GBP/USD clings to last support around 1.5500

GBP/USD is currently at 1.5515, off fresh 7-month lows at 1.5474, printed in late NY trade, down so far -1.78% for the week, with daily average range volatility back above the 100 pips per day for last 14 days on average. Pound has become weakest currency among majors for last few trading days, closely followed by Euro and Swiss Franc, while Yen has reversed positions and now is second strongest one in same period.
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