ForexLive Asia Wrap Up:

Australian treasurer Swan says : Australia taking action to deepen Aud/Yuan market. Internationalization in best interest of Australia . Set to discuss Yuan trading market next week in Hong Kong . BOJ Governor Shirakawa to BOJ branch mgrs:  European dept woes biggest risk to Japan and could affect it's financial system . Japan economy picking up , uncertainty in global economy remains high. BOJ to take appropriate monetary policy /continuing powerful monetary easing. Will do utmost to ensure Japan financial stability . PBOC set Yuan at 6.3193 vs 6.3121 yesterday Australia May Trade Deficit  at -A$285 mln . (-A$500 mln forecast) 5th straight deficit. Everyone waiting on ECB rate cut (-0.25%) and BOE decision on QE (Gbp 50bln) Market saw a bit more activity during this session with the big event being Usd/Jpy FINALLY   breaking above the 80.00 level , triggering stops into exporter selling . Closing softer at 79.83.  Eur was looking offered most of the day (stop hunting around the 1.2505 level) with the low of 1.2510 before bouncing back to highs of the session at 1.2538. closing mid-range at 1.2525.   Aud excitement after the trade numbers saw a high around 1.0280 level but quickly reversed and sold off to lows  around 1.0240. Some support there so closing ar the 1.0257 lvl.   Good luck today .