ForexLive Asia Wrap Up : Summers Over ???

Moody's maintains the EU AAA rating, but changes outlook to negative . UK BRC  August retail sales monitor falls 0.4 % y/y ; total 1.6% y/y -MNI . Japan August monetary base rose 6.5 % y/y (prior 8.6%) StanChart cuts AUD/USD forecast from 1.0700 to 0.9500 by the end of 2013 . citing the plunge in iron-ore prices as a concern . Australia's Fortescue slashes capex as iron-ore drops-rtrs , AUD/USD breaks to lows of session 1.0220/25. New Zealand August commodity price index rose 0.5% , first rise in seven months. Australia 2nd qtr current a/c deficit at A$ 11.8 bln slightly better than expected (-12.2bln)  with net exports a less positive 0.3% (0.6% forecast)  of GDP. Japan July average wages fell 1.2% y/y -MNI Aside from a few dips (AUD/USD mostly)  and bounces (EUR/USD, USD/JPY) the market spent most of its time in a holding pattern , waiting for any fresh news to pounce on . As EUR/USD and EUR/JPY touched off stops moving the pairs to session highs , old comments made by Super Mario was given credit to the strengthening  EUR/USD .  We now wait for  signs that help is on its way for the euro-zone , China , Australia , hell throw in the U.S. , and the rest of the global economies .  First off we have the RBA ( no change expected @ 3.5%) in about 30 minutes ,  ECB on Thursday and who knows when the rest will fall into place. EUR/USD found a bid down around 1.2580/85 and spent most of the session sideways around 1.2585/95 .  The run up caught a few of us napping as stops were triggered sending it to a high of 1.2628. Good selling being reported around 1.2635/40 level with bids starting down at 1.2580 through to 1.2550. USD/JPY saw a high of 78.42 on cross trading as EUR/JPY stops were touched at the 98.75/80 level (good offers at 99.00/20) .  Good selling interest at 78.50/60 with scattered stops above . Talks of barriers at 78.45 and 78.00 on the downside . Very good support at 78.20 (78.25 session low) with mixed buying/stops 78.10 through 77.90. AUD/USD saw session lows of 1.0220 as Fortescue cut its capex by $ 1.6 billion citing weak China demand for iron-ore.  Good buying interest there helped it to bounce and then followed the EUR/USD rally up to the session high of 1.0250. Offers still remain 1.0275 up through 1.0300.  Scattered stops mixed in with bids from 1.0220 through to 1.0200 bids  . Have A Good Day .