A successful push to excise 100.00-level option strikes on USD/JPY ahead of the U.S. employment data was the dominant theme of the Asian market. Very aggressive buying from option names was behind the rally to 100.18 highs, but exporters were quick to cap the gains, with profit-taking emerging and taking USD/JPY back toward 99.50. The fresh bout of JPY weakness attracted further waves of JPY cross buying which saw AUD, NZD, CAD and GBP extend recent gains. However, EUR/USD gains stalled at 1.3496, under the high of 1.3517 traded in NY dealings. EUR/USD pulled back to 1.3417 on EUR/JPY profit-taking and exporter sales on the cross. Price action on the currencies then consolidated into the afternoon. Asian stock markets were broadly higher, extending recent gains after the G20 results and the U.S. market rally. Profit-taking emerged in oil after the gains made Thursday with crude futures dropping under $52. U.S. Treasury yields remained firm on the rise in Asian stocks.
