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Quiet Asia session spilled over into..........>

FOREX
FOREX: Quiet Asia session spilled over into Europe, lack of data to drive.
-Minor risk-off around the European open weighed on major FX currency pairs.
Eur/Usd failed to take out the Asia high ($1.2297), before a sharp reversal to
the $1.2260/65 area. The EUR had witnessed decent gains overnight following
weekend comments from ECB Nowotny who reiterated his belief the central bank's
APP will not be required, at least in its current state.
-Gbp/Usd tracked Eur/Usd, touched pullback lows of $1.3824 but as risk started
to improve squeezed to fresh daily highs of $1.3876 on order driven flow.
-Yen demand across the board in early Europe pressured Gbp/Jpy to the Y150.00
area, Eur/Jpy touched Y133.03 and Usd/Jpy Y108.51 before meeting the reported
demand ahead of Y108.50. Risk later improved to settle in the middle of their
respective daily ranges.
-Aud/Usd closed above the 100 & 200-dma's on Friday and continued to hold a
narrow $0.7807-39 range through Asia/Europe. Main focus this weeks turns to
Australian employment data on Thursday (0030GMT).
-Marginally weaker Swiss CPI lifted Eur/Chf to Chf1.1534, but later pared gains.

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