EUR/USD trading lower on open

!! EUR/USD: Trading Lower On Open !!
The EUR/USD opened lower in Asia and gradually declined throughout the
night. The euro is trading at 1.3290 this morning with the low so far
today at 1.3280. German Chancellor Angela Merkel dampened expectations
of a quick decision to address the Eurozone debt crisis when she said
over the weekend that any measure to stabilize the euro should come
within a complete strategic package. Many traders believe that
investor focus has already moved away from the peripheral sovereign
debt crisis following the successful debt auctions last week. Emphasis
is now on central bank expectations and their concerns of rising
inflation within Europe. There is no major Euro news today, with
markets closed in the US due to Martin Luther King Day.

!! GBP/USD: Possibility Of Rate Hikes In QE2 !!
Cable began the new week at 1.5870 and initially managed a high at
1.5883. The currency pair then continued lower throughout the night,
as low as 1.5838 this morning. The weekend newspapers focused on the
possibility of rate hikes in the U.K. earlier than expected due to
ongoing concerns about inflation. Cable trades at 1.5870 this morning.

!! USD/JPY: Little Movement Overnight In Asia !!
USD/JPY traded down to a low of 82.40 Friday in European trading, just
shy of its Ichimoku cloud base at 82.31. It since bounced, trading up
to 83.08 before the end of the global day on what looks to have been
profit-takes and notable buy-side flows in some of the JPY crosses.
The level to break topside remains 83.50, the high last Tuesday. More
resistance is seen at 83.70 and then at 84.00. Stops are eyed above
each of these levels. USD/JPY currently trades quietly at 82. 90 with
the range so far in Asia 82.83-82.99.
Source: Fxstreet.com