No themes to speak of today…Gold is firm, CHF a touch less firm. USD/JPY holding support at 81.80/85…

AUD is outperforming CAD, absorbing a Chinese discount rate with aplomb, trading within a half-cent of its highs as a floating rte currency over the last 27 years.

What does it all mean? Not much, really.

Perhaps the most underplayed story of the day was a massive hike in the Chinese minimum wage. It is hard to reconcile a big wage hike with an inflation fight but it should help go some way toward improving domestic demand in China. It could export inflation to the US, however…