Session Recap: USD sold off on Summers exit; Tokyo closed over holiday

FXstreet.com (Barcelona) - The week started in the Asia-Pacific with news over Larry Summers withdrawing from Fed chairmanship race, which is seen by market participants as USD bearish, leading to a USD/JPY sell-off to session lows at 98.39, and EUR/USD rally to session highs at 1.3383, while AUD/USD posting fresh 3-month highs at 0.9402 and Cable to 9-month highs at 1.5958.

With Tokyo markets closed on holiday, currencies have been consolidating gains against USD since the early interbank pre-open, with little moves in between. EUR/USD trades last at 1.3368, AUD/USD at 0.9328, GBP/USD at 1.5954, and USD/JPY at 98.88, ahead of ECB Draghi's speech at 08:00 GMT.

Local share markets all shot higher with Hong-Kong's Hang-Seng up +1.18% and US futures printing all time record highs above the 1700 points for SP500. Gold moved slightly higher helped on USD weakness printing session highs at $1335, while Oil plummeted below the $107.5 mark as conflict in Syria continues to stabilize.

Main headlines in the Asian Session:

US and Russia outline diplomatic framework on Syria

Larry Summers withdraws name for Fed Chairman

Yellen heads the race for top Fed job

AUD/USD blows stops above 0.9350, break to fade?