• Hawkish RBA minutes put bid tone under AUD
  • NZ CPI at mid-range expectations, lowering chances of extreme rate rises
  • Japan Feb tertiary index -0.2% MoM
  • Goldman Sachs determined to clear their name, signalling a long drawn out fight
  • Flights set to resume around Europe but more ash clouds are on the horizon
  • Regional equity markets gain about 0.5% on average
  • Gold steady at $1137

Another very quiet session in Asia with most of the majors trading in tight 30 pip ranges. The AUD was the exception as it gained ground against all other majors, reversing the trend of recent days.

The AUD was already the main winner in early trade, even before the RBA minutes were released. The NZD CPI number encouraged some renewed AUD/NZD buy-backs after the heavy selling of the last 3 sessions. Range: .9235/90.

The EUR/USD was unable to get above some decent offers around 1.3500 but the dips have also been very shallow. There was a distinct lack of interest inside a 1.3467/1.3501 range.

Cable was similarly lacklustre in a 30 pip range and most traders were probably exhausted after the big ranges from Friday and Monday. Range: 1.5413/43

USD/JPY first triggered stops above 92.65 but has been unable to muster enough momentum to challenge further stops above 92.85. Range: 92.40/70 and EUR/JPY 124.62/125.13

Markets: Nikkei +0.7%, HK +0.6%, Kospi +0.5%, Shanghai -0.7%. Gold steady at $1137/oz.