Forex Asia Review – Yen gains after Japan records trade surplus

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The yen gained across the board during the Asian trading session after data showed Japan recorded a 1.18 trillion yen surplus in February , more than forecast, and comes after a record trade deficit in January . Meanwhile, the Japanese currency continues to be buoyed by investors buying it as a safe haven currency amid a risk averse environment.

EURJPY hit a one-month low of 106.14 after opening the Asian session at 106.77. USDJPY opened in Asia at 81.49 and fell to 81.18, the lowest since March 8.

Euro remains under pressure against the dollar, hovering near three-week lows of 1.3032, sliding from 1.3100. Renewed fears over the euro zone debt crisis after a weak Spanish bond auction last week has hurt the single currency.

Most major markets in Europe will be closed today due to the Easter holiday holidays so trading volumes will be light. The focus turns to Economic data from Germany on Tuesday, which is expected to show that exports declined in February.

EURGBP touched a three-month low of 0.8227, sliding from the open level if 0.8239.

The Australian dollar traded lower compared to Friday, with AUDUSD opening at 1.0295 and slipping to 1.0256. Markets in Australia and New Zealand were closed for the Easter holidays so no economic data on the calendar. After Friday’s disappointing US jobs data risk aversion kept the aussie down.