Asian forex market wrap: consolidation after USD gains overnight

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 hnear 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.