The Euro bounced slightly in Asia, after closing the week at 1.0970 against the Dollar last Friday. EUR/USD rose to a high of 1.0985 so far. Meanwhile, the Pound gapped lower after comments from German Chancellor Merkel, who said that no concessions will be made on the freedom of movement (FoM) within the EU and that the UK cannot count on access to the EU single market if they cancel the FoM agreement. GBP/USD opened at 1.2150, down roughly 30 pips from Friday's close. The pair was able to close the weekend gap though, and traded within a 1.2145-80 range overnight.
USD/JPY opened at 104.35, up 20 pips from Friday's close, but came under pressure ahead of the Tokyo open and declined back to 103.95. From there, it was able to bounce and head back towards 104.35.
The commodity currencies declined overnight, with exception of the New Zealand Dollar, which rose from 0.7080 to 0.7105. However, the Australian Dollar came under pressure and declined from 0.7620 to 0.7580 against the USD. USD/CAD rose from 1.3120 to 1.3175 as oil prices weakened.
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