EurUsd opened at 1.0896, versus Friday’s New York close of 1.0728, dipped to 1.0850 then rose quickly to 1.0940. I believed the move up was linked to stop loss buying in both EurUsd and the crosses. Our trade Jon said there are some offers lined up at 1.0950 in the platforms. Towards Tokyo opening, EurUsd slipped back to 1.0875.
UsdJpy opened at 110.18 versus closing 109.09, got up to 109.64 before profit taking surfaced. Towards the later part of twilight zone, our trader saw offers planted at 110.50.
10-year UST yields up 6 bps at Tokyo open but UsdJpy was overwhelmed by Tokyo sales. Said to be for exporters, UsdJpy slipped towards 109.85.
EurUsd pared gains again and broke below the 200-Day SMA 1.0838 to register 1.0835.
Aud and Kiwi traded higher but like the EurUsd, got sold off at the Tokyo open, likely due to stronger UST yields. AudUsd printed 0.7600 pre-market open and the official high is 0.7590. Offers are mentioned at 0.7600-10 from macro and leveraged names. 200-Day SMA comes in at 0.7525.
Spot Gold opened at 1275 and traded lower to 1265.8 supposedly, stop loss orders triggered. We printed 1265.8 then recovered back to 1275.