The first Asia session of the week began in muted fashion. With the U.S out on holiday on the first trading day of the week and little economic data or news events to drive the market, most of the majors traded in a tight range. Aussie spent most of the session under pressure, with traders pushing the pair from highs around .7830s to lows near .7780, but saw a nice rebound on the heels of a rally in commodities. USDJPY also experienced a slow trickle lower despite risk being back on the table in Tokyo. The pair spent much of the session hovering around the 94.50 area.
Looking forward, we expect a less than liquid London session as well due to another bank holiday in the United Kingdom. The economic highlight will be German IFO, which is expected to improve.
