- Home prices rose in the UK for the second month in a row
- AIG still planning to pay bonuses despite bail-out
- Bernanke sees US economy improving through 2010
- UBS set to cut 5000 management jobs
- G20 approves additional cash for IMF
- OPEC will not cut production targets in immediate future
A relatively quiet Asian trading session saw an initial sell-off in the JPY crosses as trailing stops were triggered below 125.70 in EUR/JPY and 1.2860 in EUR/USD. Both pairs have subsequently recovered towards their NY closing levels.
The Nikkei index rose over 2%, the Hang Seng was up 1%, Shanghai posted a more modest 0.2% gain whilst the Kospi fell marginally. Oil fell by almost 4% to $44.40/bbl after the OPEC announcement and gold was modestly lower at $925/oz.
Ranges: EUR/USD 1.2838/1.2920, USD/JPY 97.57/98.49, cable 1.3901/1.4039, USD/CHF 1.1872/1.1911, AUD/USD .6529/81 and EUR/JPY 125.50/127.15.