Asia Session – April 29, 2010 1:54 AM

With Japan out on holiday and the big moves flushing out the market earlier in New York, traders kept an ear out for news amidst a mostly quiet session in Asia. After a drop to new yearly lows near 1.3115 in the EUR/USD after an S&P downgrade of Spain, the pair remained centered near the 1.3200 mark. The session began early with the RBNZ rate decision, which although in line with expectations at 2.50%, hampered the New Zealand currency with talks of a more modest tightening policy ahead. The NZD/USD moved from 0.7205 to a quick 0.7230 high and subsequent 0.7170 within a matter of minutes. The pair eventually dropped a further 20 pips to post lows on the day before a bounce to 0.7165. The moves in AUD/NZD were a bit more drastic as the pair touched a quick 1.2785 before a high just north of the 1.2900 level right after the data was released out of New Zealand. AUD/USD was stale near the 0.9250 region. Both the yen and yen crosses were flat on the session. Full text »

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