A quick look at the ranges tells us all we need to know about this session. Despite a strong rally on the Nikkei, all of the majors traded in 35 pip ranges. Most traders were happy to sit on their hands ahead of the NFP. The EU situation remains clouded with Greece obviously needing financial help but the EU (Germany in particular) seemingly not able or willing to help but nevertheless frowning on Greek attempts to talk to the IMF.

USD/JPY traded in an 89.00/35 range and EUR/JPY 120.90/121.37 as both pairs got a lift from the buoyant Nikkei. Nevertheless, momentum has been lacking all day and neither pair has traded much since lunchtime.

EUR/USD traded 1.3572/1.3606, again with limited very interest. Cable saw a 1.5023/65 range.

AUD/USD tried to break lower early in the session as traders awaited some negative news on commodity prices from the Chinese Premier but when nothing of note eventuated, shorts were quickly covered. Range: .8986/.9012.

Markets: Nikkei +2%, HK +0.7%, Kospi +0.6%, Shanghai +0.1%. Gold steady at $1133/oz.