The US Dollar remained weak this session following the FOMC statement which did not give a strong indication of its intention to raise interest rates anytime soon. The statement disappointed the dollar as more traders now feel that rates will not be raised until the tail end on 2008. On the flip side, the ECB has made it pretty clear that they will hike rates .25% to 4.25% next week.

EUR/USD was pretty quiet in Asia after the relatively big move in NY, in a 25 pip range, the pair hit a low of 1.5660 and a later high of 1.5685. The big move of the session was EUR/JPY, which continued its 24 hour ride straight up, touching a high of 169.33. It's hard to believe that this pair was trading 151.71 at its lows just 3 months ago in March.

USD/JPY traded higher this session, popping above 108.00 briefly to tap 108.07 before dropping back into the 107.90's. That's were the pair was as London was waking up. Japanese Tankan is July 1st, and is data that usually brings good moves to the market. Tankan numbers are announced quarterly.

Of note is AUD/USD which once again got over the 0.9600 hump but couldn't maintain above it. It was a bit below the 0.9600 figure but still within striking distance of the post-float high of 0.9675. Also keep an eye on AUD/NZD, which has just been on a straight ride up since March where it was trading 1.1318. In this session, it hit a high of 1.2686, just 'parabolic.'

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