- Very quiet session again in Asia with the USD giving back a little bit of overnight gains
- President Obama arrives in China with the Yuan again on the agenda
- World Bank also weighs in to debate saying CNY needs more flexibility
- Japanese finance minister Fujii agrees with APEC that financial stimuli should continue
- Sovereign names seen buying EUR/USD
- Demand for JPY crosses at fix also boosts major pairings
- Gold loses another $2, now below $1105/oz
- Regional stockmarkets lose just over 0.5% on average
The NY session ended with pairs like the EUR/USD and the AUD/USD under significant pressure but this failed to flow through into Asia and we have had another quiet session.
EUR/USD saw a regional central bank on the bid around 1.4835 and this helped to put a base under the pair. EUR/JPY buying into the fix also helped the EUR bounce. Range 1.4834/72
Cable managed to hold steady overnight as heavy EUR/GBP selling underpinned. There has been little direct sterling interest in Asia and it has followed the other majors in a 1.6572/1.6608 range.
The AUD/USD has traded .9225/68 during an uninspired session with model fund buying noted near the lows but technical programs now noted on the offer towards .9300.
USD/JPY traded towards its session highs on JPY cross buying but has since drifted lower in a 90.15/41 range.
Markets: Nikkei -0.3%, HK -0.5%, Kospi -0.7%. Gold $1105/oz, oil $76.90/bbl.
