The Euro fell in early Asian trade as a reaction to the Paris terrorist attack on Friday night. EUR/USD opened at 1.0740, around 20 pips lower from the NY close on Friday. Due to poor liquidity in early Monday trading, the pair fell to a fresh low at 1.0685, but quickly retraced the move. It spent the rest of the session consolidating between 1.0715 and 1.0730.
The JPY benefited from the risk-off sentiment and USD/JPY opened 20 pips lower at 122.35. It reached a low of 122.25, but ran into decent bids there and rallied back to 122.60, filling the weekend gap. Expect good intraday support at 122.20/25 and 122.00, while key resistance now lies at 123.00.
The commodity currencies were quiet overnight. AUD/USD was caught in a 0.7100-30 range, while NZD/USD consolidated between 0.6520 and 0.6550. USD/CAD opened slightly lower, at 1.3305, but retraced the move and rose to a high of 1.3335.
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