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Session Recap: Wild end of week in Asia-Pacific; USD slightly lower

FXstreet.com (Barcelona) - High volatility intraday today again in Asia-Pacific to end the week for second consecutive day, specially in the USD against the Yen, also transferred to Aussie, with USD/JPY first making session highs around the 102.60 area, to selling off afterwards to as low as 101.08 in no time. AUD/USD fell more than 100 pips from session highs near 0.9750 at the start to session lows at 0.9645.

It was all about the USD and the stock market, with Nikkei index at one point up by around +3%, to see it few hours later after the Tokyo lunch break down -2.45%, last at 14250 down -1.57% following yesterday -7% slump. Big moves in Hang-Seng too up first and down next, just to end at break even at the moment, while Australian ASX is down -1.84%, and Shanghai -0.13%, with Kospi unchanged at -0.05%.

In the data front New Zealand missed expectations with the Trade Balance showing lesser exports, and Business sentiment data coming out from China also worsening, following yesterday's ugly HSBC PMI. Gold found some bids up to session highs at $1397, while Oil saw some profit taking down to session lows at $93.60. Japanese officials kept on with the usual “fight deflation” rant, declining to comment on yesterday's stocks fall, or levels either in indexes or the Yen.

Main headlines in the Asian Session:

Draghi: Sees encouraging signs of tangible improvements in financial conditions

EUR/USD advances again capped below 1.2950

New Zealand Trade Balance (MoM) declines to $157M in Apr from $718M

Commodities Brief: Oil able to hold previous support as buyers step in near 92.00

USD/JPY jumps above 102.30

Aussie declining sharply in Asia trade, searching for bids around 0.9680

EUR/USD dips to session lows barely above 1.2900 on broad USD strength

Australian press today cites Goldman’s Sachs ‘short the Australian dollar’

China MNI Business Sentiment Indicator down to 57.1 in from 58.5

GBP/JPY closes below 20dma for first time since April 5th

Kuroda: BOJ to continue to try to stem deflationary pressure

Sterling holds support at previous lows, continues to find aggressive bids near 1.5000

USD/JPY breaks below 102 like hot butter once again

Kuroda; Consumer sentiment is improving significantly

Will German GDP/IFO be the catalyst to take EUR/USD back above 1.3000?

Kuroda: Says BOJ bond purchases are to lower risk premiums, doesn’t expect bond yields to jump

Japanese life insurer says they will shift some funds back to JGBs

Will German GDP/IFO be the catalyst to take EUR/USD back above 1.3000?

The EUR/USD finished the session sharply higher, mainly benefiting from a better than expected European PMI data print. It will be another busy upcoming economic session in Europe, with German GDP due out at 6:00GMT, followed by German IFO at 8:00GMT. One has to ask, if the print comes in better than expected, will it be enough to take the pair back above the critical resistance level of 1.3000?
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