Euro faded at the Asian open to $1.1891 on....>

FOREX: Euro faded at the Asian open to $1.1891 on comments from Fed Chair

nominee Jerome Powell who said, 'he expects interest rates to rise somewhat

further', the move proved a small knee jerk reaction, as the euro quickly

reclaimed the $1.1900 handle. As European markets opened the pair declined to

session lows of $1.1885 from $1.1911 as sources reported that decent sell

interest placed around the $1.1909 area. Making a sharp recovery off lows of

$1.1885 the pair printed a fresh high of $1.1920 before fading. In an exclusive

interview with MNI, ECB's Hanson said that APP can be phased out if economy

evolves as expected. Acting as a possible catalyst the euro eased back towards

$1.1889. Fed Kashkari remarks that sees no reason to raise rates when inflation

continues to run lower, briefly took Usd/Jpy back under Y111.00 overnight.

Dollar-yen moved from session lows of Y110.93 to Y111.33 in a sharp move on the

back of dollar strength and traded slightly higher in much of Europe close to

the intra-day highs of Y111.00. As the dollar gained fresh momentum, the Aussie

pared early European gains and broke below the 0.7600 handle to make intra-day

lows of $0.7588.