Europe Summary and Highlights 28 October
JPY remains on the weak side after LDP lose majority.
European morning session
The USD was generally lower through the European morning, particularly against the JPY, with USD/JPY dropping nearly a big figure to 152.50, reversing the gains seen in Asia though stopping just short of closing the opening gap at 152.36. EUR/USD also gained 25 pips to 1.0820 in what as generally a quiet session for news. The USD was generally a touch softer across the board, mostly in line with the EUR move, but the exception was the NOK, with EUR/NOK gaining 3 figures to 11.90.
Asia Session
USD/JPY spiked higher at the open on the news that the ruling coalition had lost its parliamentary majority at the weekend election, reaching a high of 153.88, a rise of a figure and a half from Friday’s NY close.