It has been another extremely quiet session in the FX markets with all of the major pairings trading in tight 30 pip ranges.

EUR/USD tried to challenge the NY high at 1.3860 but reports of Sovereign offers just above there dissuaded any real attempts. Range: 1.3823/59

USD/JPY also threatened briefly to breakl below 83.00 but real money buyers are soaking up all of the selling so far. No sign of any BOJ activity or even MoF comments. Ranges: USD/JPY 83.07/25, EUR/JPY 115.00/24

AUD/USD took a break after the big moves from yesterday, trading in a quiet 20 pip range just above .9700.

Cable 1.5889/1.5918, EUR/GBP .8689/.8712

Markets: Nikkei +1.3%, HK +1.3%, Seoul +1%, Sydney +1.75%. Gold $1345/oz.