Asian forex market wrap: USD under pressure again

China and US continue to disagree on appropriate monetary policy Japanese GDP growth accelerates, economy grew at 4.8% in Q3 Gold hits another record high as USD falls China October FDI +5.7% YoY New Zealand Q3 PPI fell more than expected The USD opened under pressure in Asia after the APEC final communique toned down any mention of market-determined currencies. Obvious differences of opinion between the US and China over the value of the Yuan also undermined the dollar during the Asian session. Cable was the first mover, triggering stops above 1.6710 in early interbank trade. Trade has been quite insipid since then with the pair only managing a range of 1.6686/1.6735. EUR/USD and AUD/USD followed the cable higher and have gradually risen throughout the session. EUR/USD range has been 1.4917/72. More offers are seen around 1.5000/10 with stops above 20. The AUD/USD fell just prior to the Tokyo fix but has recovered nicely as Toshin demand emerged. Range in the AUD/USD .9315/55. USD/JPY has been supported by strong Toshin interest towards 89.00/30 and there is also good demand on the crosses both today and tomorrow. Markets: Nikkei +0.1%; HK +1.4%; Kospi +1%; Sydney +1.2%. Gold +$12 @ $1229.50/oz. Oil +1% at $77.25/bbl.