Yen was the biggest mover in Asia-Pac trade...>

FOREX: Yen was the biggest mover in Asia-Pac trade as the broad risk off move

seen late in the US on Monday continued in Asia on Tuesday. After an initial

blip higher in Asia taking the pair to 109.30 another wave of risk off saw yen

strengthen and pushed the pair sharply lower, heading into Europe this trend has

continued. USD/JPY last at 108.53 but sources note decent demand at 108.50.

- Aussie dollar declined after both Trade Balance and Retail Sales weaker than

expected. AUD/USD last at 0.7837, down 41 pips on the session. The RBA were on

hold at 1.50% and said inflation progress was to be gradual, while Aussie was

unmoved initially some AUD/NZD cross sales weighed and pushed Aussie to session

lows. Kiwi unaffected by the Australian data, AUD/NZD last down at session lows

of 1.0775 after tripping some stops around the 1.08 handle. 

- USD/CAD is higher, the Canadian dollar is weaker on lower oil prices as WTI

consolidates below $64/bbl, price action was mainly dictated by CAD/JPY as

selling spilled over. US dollar index slightly higher after rising on Monday,

last up 0.103 at 89.658. EUR/USD and GDP/USD slightly lower on USD strength

which benefits as stocks decline.