EURUSD: The euro initially fell from the 1.1285 Asian session high to the 1.1234 low in Europe (-51 pips) mainly on cross selling action and profit taking of long positions with the market being thin in the absence of Japanese participants on holiday today. ECB member Francois Villeroy de Galhau said that the ECB does not have further unconventional monetary policy in the works and confirmed that there was little opposition on their recent rate cut & QE dedision. The EURUSD rebounds to 1.1283 in Europe as oil gained to $41.00.
GBPUSD: The pound fell from the 1.4466 high in the prior Asian session to the low of 1.4375 in Europe (-91 pips) after a senior UK official, Iain Duncan Smith, former leader of the Conservative party and supporter of Britain to leave the EU resigned over the weekend. The pound was weighed down by a report of Confederation of British Industry that if the UK left the EU would cost the UK, 100 billion pounds and 950,000 jobs by 2020. The pound made a small shortcovering rebound to 1.4430 ( 55 pips) in Europe.
AUDUSD: The australian dollar made a good recovery from the 0.7570 low in Europe to 0.7626 ( 56 pips) as iron ore futures gained. The Singapore SGX May iron ore rallied by 4.8% to $55.95 per metric ton on signs of a recovery in China's property market and policy makers loosen the margin lending controls in equity trading. The market is quite thin with the Japanese on holiday today. Oil gains to $41.00
USDJPY: With the Tokyo public holiday today, the USDJPY was rangebound. High 111.59 Low 111.33 in Europe ( 26 pips) with the yen's decline mostly driven by cross play. AUDJPY rose to 85.05 from 84.20 as the price of iron ore gave support to the aussie.