For a week or so now i have been looking for the AUD/USD to reach 0.7050, the EUR/GBP to reach 0.8800 and bounce and for the AUD/JPY to break below 70.00 and hey presto, last night was the night that finally delivered. As usual, do not expect these moves to be extended by much in Asia today, with the one exception possibly being the AUD/USD with the monetary policy meeting minutes due out and RBA Gov Stevens speaking. In general i think we will see the market treading water and giving back some of the overnight moves before London comes in and has its way with the markets.