ForexLive Wrap Up : Oh What a Night

N.Z. ANZ job ads rose 0.7% in line with their uneployment rate. N.Z . July manufacturing PMI fell to 49.4 from 50.0, a disappointing number . S. Korea July unemployment rate a better than expected 3.1% . Fed's  Kocherlakota disappoints the entire world by not commenting on monetary policy and economic outlook. Did answer a few questions  from his audience in Minot, ND.  " Inflation running below expectations", unemployment is 'quite elevated', lowering interest paid on IOER would have minimal impact, and sees 12 month lag between policy change and impact. Bankers pose no conflict serving Fed. Australia MI August consumer inflation expectations  at 2.4%. Australian PM Gillard  says manufacturing industry facing challenges, one being the high A$.  PBOC sets Yuan at 6.3495 weakest level since November 29th , citing exporter help . Australia May average weekly wages rose 0.4% q/q and rose 3.4 % y/y . RBA foreign exchange transaction A$ 528 mln for July vs 1.256 mln prior . China July FDI  -8.7% y/y , -3.6% ytd. , weakness partly due to rising cost in China and the weak global economy. Australian Treasury's Parkinson sees global economic volatility most since 1970's . Government 'will have to more with less'. EUR/USD consolidated around 1.2290 most of the session . Near the Tokyo open the market saw Japanese buying interest in EUR/JPY sending the EUR/JPY to a high of  97.39 and EUR/USD above the 1.2300 level to a 1.2306 high .  EUR/USD has since drifted lower and now testing lows of 1.2280 .  Should have moderate support here and below at 1.2250/60.  Resistance remains at 1.2320 with stop above . Hopefully  Gerry was near a bathroom as USD/JPY just blew through his 79.20 pee in his pants level . Stops/resistance all the way up through 79.50.  Support you would have to figure now to be 78.90/79.00 then down below at 78.50/60. AUS/USD consolidated around the 1.0500 most of the session , but could not follow through on a brief AUD/JPY rally to 83.20 as AUD/USD touched a high of 1.0512.  AUD/USD followed EUR/USD to lower levels staying below 1.0500 and now trading on the lows of 1.0480. Thank you Gerry for keep us awake tonight . Let us know how you do when USD/JPY trades 79.50 !! Good Luck Today ..