Quick overview of the Asian market:

  • EZ FinMin meeting broke up without agreement and will reconvene next Monday:
  • Meeting ran late into night and market anticipating bad news of some sort:
  • EUR/USD gapped 60 pips lower from 1.2810 after the statements:
  • Yen weakened again after LDP again raised prospect of funds to buy foreign assets:
  • Chinese shares weakened again before probable ‘plunge patrol’¬†activity¬†near 2000 on the SHComp:
  • AUD fell on risk aversion brought on by equities and EZ lack of progress:
  • EUR/JPY breached important technical resistance at 104.80 but was unable to consolidate.

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