ForexLive Asian market wrap: Greek talks go late into the night

The talks between Greek political parties finished after midnight in Athens with one issue, supplementary pensions, still outstanding The minimum wage will be cut by 22% Greek PM then went into all-night talks with Troika Government has been given 2 more weeks to find another 300 million in budget cuts before bail-out can be signed-off Chinese CPI increases sharply to 4.5% Bank of Korea keeps rates on hold at 3.25% Japan's machinery order -7.1% MoM Regional stockmarkets -0.4% on average Gold $1734/oz; Oil $98.75/bbl The EUR sold off on the initial Greece headlines as the market focussed on the fact that one matter was still outstanding after talks between Greek government partners. EUR/USD opened in Asia at 1.3260 and lows around 1.3215 were reached at the height of the headlines. Since then there has been a gradual recovery which has picked up pace in the last 30 mins. Tonight's ECB meeting has been pretty much ignored. Ranges: 1.3213/78 AUD/USD has also had a whippy session. Firstly it fell alongside the EUR/USD, then a false report from Reuters on the China CPI sent AUD/USD from 1.0765 to 1.0740, but it recovered immediately as a correction was posted. The actual CPI number then sent the AUD lower but sell orders in EUR/AUD at 1.2320 helped stem the AUD selling. Ranges: 1.0735/1.0804 Cable 1.5790/1.5826; EUR/CHF 1.2092/1.2109; USD/JPY 77.00/22