ForexLive Asia Wrap Up: What Chinese Trade Surplus?

New Zealand September services PSI fell to 49.6 from 50.0 in August. U.K. Rightmove October house prices rose 3.5% m/m, 1.5% y/y. Australia August home loans rose 1.8% m/m, owner-occupied rose 1.3%, home investment loans  fell 0.8%. China September PPI fell 3.6% y/y, fell 0.1% m/m. China September CPI rose 1.9% y/y, rose 0.3% m/m. China trade surplus (released on Oct.13th) widens to $27.67B, exports rose 9.9%, imports rose 2.4%. PBOC sets Yuan at 6.3112. Strong fix suggesting possible bottom for China economy.It was a 'risk on' start to the session as the market bought the commodity currencies early on the better than anticipated release of China's trade surplus this weekend.  Half way into the session it suddenly became 'risk off' as the market "suddenly" realized there is still uncertainty over Spain and Greece, throw in a few scattered stops and we had a decent move for the Asian session.EUR/USD started at the highs of 1.2960 and found minor support around the 1.2935/40 level before giving way to stops below. Good buying interest now below 1.2900 at 1.2880/90 level.USD/JPY stayed near N.Y. Friday's range trading at the lows of 78.27 to the current highs of the session at 78.50. Offers just above at 78.60/70.AUD/USD benefited the most from the weekend China numbers climbing to 1.0270 near the start of the session after closing in N.Y. at 1.0232.  As the luster of the China numbers faded other factors started to weigh on the AUD/USD. Another rate cut is expected in November, gold trading down over $10.00, copper and iron-ore giving back some of their recent gains all started to add up to a "sell Mortimer, sell." Good support coming in at 1.0200 providing a temporary bottom so far.Have a good day and good luck.