ForexLive Asian market wrap: AUD drifts lower on mild profit taking

China HSBC services PMI steady at 52.5 HK December PMI 49.7, up from 48.7 in November Australian trade surplus $AUD1.4 billion, slightly below expectations PBOC fixes USD/CNY mid-point higher at 6.3115 China 2011 trade surplus reported at $160 billion, which is 2% of GDP down from 3.1% in 2010 Sharemarkets mixed; Australia -1%, Japan -0.6%, other markets +0.25% on average Gold +0.25% at $1617/oz; Oil $103/bbl The AUD has drifted lower today with mild profit taking, a lower Australian share market, lower than expected trade surplus data and a higher USD/CNY fix all having a small influence in fairly disinterested markets. AUD/USD opened near 1.0360 but the prospect of plentiful sell orders near 1.0400/20 also dissuaded any bullish ambitions. Ranges: 1.0306/73 The EUR has had a quiet session with a 36 pip range. Tonights French bond auction will be closely watched after the German Bund auctions failed to sell it's full quota overnight. No sign of any Sovereign interest today, though Asian Sovereign names were reportedly heavy sellers of EUR/USD in overnight trade. Range: 1.2911/47 Hildebrands press conference will be watched with interest as he no doubt tries to distance himself from his wife's uncanny ability to buy EUR/CHF just before an SNB announcement. The CHF hardly moved in Asia with EUR/CHF seeing a 10 pip range. USD/JPY was also miserably quiet in a 10 pip range with big real money and semi-official bids reported near 76.50, although bounces are very anaemic. Cable traded 1.5600/20.