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Quiet Asian session ahead of Eurogroup

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USD/JPY did little in holiday-thinned Asian trading. USDJPY traded 118.85-119.10 with a Nikkei at levels near 15-year high. A bounce in US yields was supportive. Headwind was seen on 119.00. EURJPY traded 135.11-33, in a holding pattern ahead of the EU’s decision on Greece’s request for a loan extension later today.

EUR/USD was holding in a tight range ahead of the EU’s decision on Greece’s request for a 6-month loan extension. With Germany adamant about the need for austerity and reforms, there has been absolutely no progress on the issue up to last night, and concerns of a possible Greek default and/or Grexit have returned. EURUSD traded 1.1357-72, consolidating losses after the push down from 1.1450 to 1.1355.

EUR/GBP traded 0.7365-73. The bias remains down on recently more hawkish BoE talk and more impressive UK economic data. EURCHF was in a holding pattern between 1.0782-95, just shy of yesterday’s 1.0803 trend high with the market still wary of more SNB action.

GBP/USD grinded up from 1.5415 to 1.5433 after last night’s retracement down to 1.5405. The bias remains up with the BoE recently more hawkish, UK yields bouncing and economic data recently better.

USD/CHF traded 0.9483-98, just below last night’s 0.9499 trend high. Some stops are eyed above 0.9500.

AUD/USD opened in Asia at 0.7794 and grinded higher from 0.7789 to 0.7812, making tracks away from yesterday 0.7757 retracement low. Yesterday’s sell-off on ratings concerns amongst some players looks to have been overplayed.

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