Usd/Jpy was the main mover late in Asia.......>

FOREX: Usd/Jpy was the main mover late in Asia after the Nikkei dropped over 1%,

adding weight to the pair. The risk averse tone continued into Europe with a

move through the reported Y108.00 barrier, triggering stops to extended 5-month

lows of Y107.53. Recovery efforts have remained shallow as pressure remains

toward the downside ahead of the NY crossover.

-Eur/Jpy was dragged under Y133.00 on the move to print lows of Y132.54, Gbp/Yen

touched Y148.98 before meeting support ahead of the Feb9 low (Y148.92).

-Gbp/Usd held firm ahead of UK CPI, the stronger-than-expected Core reading of

2.7% (Headline 3.0% as per MNI estimate) spiked to react highs of $1.3902,

before immediately paring gains. Last $1.3880/85.

-Eur/Usd was pulled around by USD moves, soft UST yields/DXY saw the rate peak

at $1.2338 but later gave back gains.

-Despite cautious remarks overnight from RBA Assistant Governor Ellis that

expects wage growth to pick up, but not immediately and then only gradually.

Aud/Usd has largely consolidated in a narrow 30 pip range.

-With lack of economic data today, order flow expected to drive.