Session Recap: Yen strength extends; Euro below $1.34

In a very slow Asian session, which was characterized by the closure of key financial centres in China, Hong Kong, Singapore (Chinese new year celebration) and Japan (foundation day), currency movements were choppy and erratic on twilight trading conditions. The Japanese Yen stood at the leader of the G10 pack following Friday's great performance - with Japan's Aso headlines still resounding - , while the Aussie was the main laggard on poor housing data.

Main headlines in Asia

- SNB’s Zurbruegg interview moving the CHF

- EUR/JPY, is 127.70 the top bears have been waiting for?

- Japanese economic recovery efforts to launch Nikkei 17% higher to 13,000, Amari says

- Australia Home Loans -1.5% in Dec

- Australian December Home Loans down – Recap

- WSJ: G-7 officials plan to make individual comments regarding currency moves

Feb 11, 2013

Forex Flash: Weak demand in Australian housing; RBA more to do - NAB

Today's only Australian data on the value of Housing Finance Approvals fell 2.6% in December, after the 0.8% fall in November, with owner-occupied values fell 2.7% in December and investor approvals down 2.4%, while first home buyer activity at 8½ year low, notes Spiros Papadopoulos, senior economist at NAB, who thinks it was !overall a soft report that suggests still weak demand in the housing sector, thus RBA has more easing to do..." he said.

Forex: GBP/USD frozen around 1.5800 handle

Cable has been extremely quiet during the Asian hours, unchanged from previous weekly close Friday last at 1.5800 round, inside a tiny trading range 1.5784/1.5808. For the last 5 hours, the pair has been inside a 10 pips range, while all local markets but Australia and NZ were closed over holidays, and at exact same price it was 2 weeks ago by Jan 25.