Asia Session - June 25, 2009 1:33 AM

After a strong run overnight in NY, the Dollar lost its grip in Asia, giving back ground to all but the Yen which faced perils of its own as stocks posted a second day of gains and traders looked to get back into riskier assets. With the FOMC offering nothing new but the usual statement that, “the economy is weak but we are seeing signs of improvement…” , traders took hints from the Swiss National Bank intervening in its currency by buying Dollars and Euros and came along for the almost 3% gains in USD/CHF. Today, the Greenback extended gains against the Yen, ending the ride that began in the NY morning at about 95.10 close to the current 96.30 levels. The Yen crosses all pushed higher as well, most notably the EUR/JPY moving over a big figure to just under 134.50. Those gains may not end there as Asian equities looked to have a second up day in a row. Add to this the fact that traders were denied any clear cut direction from the Fed, thus jumping back into the risk trades with the Nikkei up almost 3% and US stock futures looking strong by days end. Full text »