It was a slow start to the trading week as Japanese markets were out on holiday. With not many currency pairs dramatically changed from Friday's close, many currencies continued in their medium term ranges.
The main theme of the data absent session was USD selling. USDJPY pushed nearly 100 pips to the downside after closing out last week near the 96.00 handle. The pair finally managed to attract some bids in the 95.00 area. The USD faired a bit better against some of the other majors gaining against both the Euro and Aussie dollar.
Ahead in the upcoming London session, economic data is once again expected to be light, with German IFO taking the spot light.
