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Asian forex market wrap: AUD pairs break support but quiet overall

A quiet day on the FX markets by recent standards with some early risk-averse trading giving way to position squaring ahead of the US GDP number tonight.

The AUD/USD and AUD/JPY pairings were the main focus of attention as they opened in Asia close to important support levels at .8905 and 79.85 respectively. Both these levels were breached in early trade but the market lacked momentum or news to continue with the trend. Ranges: AUD/USD .8887/.8948.

EUR/USD traders were wary of the 1.3920 level, below which major stops were touted. After the experience of recent days, it was no wonder that the market treaded cautiously, but there was little need to worry as the stops went off with much of a bang and the market subsequently rebounded. Ranges: 1.3913/72

USD/JPY fell to its session low of 89.59 on the first wave of JPY-cross selling but then rebounded when the follow through didn't eventuate. Japanese economic data had, as usual, no impact. Range: 89.59/90.05

Cable was quiet in a 1.6112/58 range.

Markets: Nikkei -1.5%, HK -0.8%, All Ords -2%, Kospi -2%. Gold -0.2% at $1082/oz.