AUTOREFRESH 
Asian FX market wrap: very quiet market with tight ranges
- Speculation continues about possible Chinese rate rise
- GBP slipped slightly on further bearish press for the pound
- Japan’s revised industrial output +2.7%, MoM
- Regional bourses flat to slightly higher
- Gold steady at $1109/oz
The only moves of note in the FX market were from the GBP. Cable closed in NY at 1.5060 and the twilight zone market was intent on triggering stops above 1.5080. Firstly, offers between 1.5070/75 had to be taken out and then the stops were easily tripped. The high was at 1.5087 but the pair slipped back pretty quickly which suggested that the stops were not as big as had been anticipated. The bearish articles in the UK press then helped the pound to remain pressured for much of the session. Ranges: cable 1.5038/87, EUR/GBP .9072/93
EUR/USD has been relatively quiet in a 1.3670/96 range. The market has turned to neutral/bearish from outright bearish and this has led to short covering. Hedge funds remain sellers on rallies as do Sovereign names as they look to off-load their purchases from the last two weeks.
USD/JPY and EUR/JPY have been quiet in 90.48/74 and 123.70/124.17 ranges respectively. Corporate offers are eyed in USD/JPY between 91.00/20 as EoFY repatriations continue.
AUD/USD has been unable to break either up or down today. The market was wary of getting overly long just in case China did decide to raise rates and this could lead to some selling of the risk trades. Range: .9141/65
Markets: Nikkei +0.7%, HK +-0.1%, Kospi +0.1%.
Japan: yes, we Kan
http://www.bloomberg.com/apps/news?pid=20601101&sid=aW02dezapSuY