Asia Session – December 3, 2008 1:19 AM

After some initial strength on the back of weak equities to start the session, the Yen soon collapsed as stocks firmed and the Nikkei made gains near 2%. The early drop in USD/JPY saw a level of 92.85, but as the Nikkei made gains so did USD/JPY as investors fled the safe haven Yen for riskier assets. The pair pushed to 93.61 highs before settling down near 93.30 in very thin end of year trading. The USD/JPY pair rebounded very nicely from its five week lows of 92.63 yesterday as murmurs of BoJ intervention were heard to be just under the 90.00 level once again. EUR/JPY saw an early dip to 117.79 before hitting a 119.28 high as investors bailed out of the Yen. EUR/JPY was trading near 118.50 as London began its day. Full text »

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