ForexLive Asian market wrap

Equity markets were again the focus; most regional markets were -2.5% although the Korean market fell by almost 5% Gold made fresh all-time highs near $1845/oz UK median pay deals 2% China vice PM: No hard landing for China FinMin Noda: Government and BOJ will cope with strong Yen appropriately Big falls overnight in equity markets were led by the financial sector, with banks like Barclays falling by over 10%. This had the FX market on edge for another round of severe risk-aversion but despite some early selling of AUD and NZD, it has turned into another drab session. AUD/USD fell in early trade on the spectre of risk aversion and traders took aim at stops below 1.0310. The stops turned out to be in exactly the right place as they were protected by some very decent bids near 1.0315 and the pair has bounced back towards opening levels. Ranges: 1.0313/85 USD/JPY gapped 30 pips higher as early Tokyo buying raised the prospect of possible intervention. This did not materialise and corporate offers at 77.00 capped the session. Ranges: 76.45/95 EUR/USD drifted lower in early trade on the risk aversion sentiment but was unable to generate enough momentum to challenge overnight lows near 1.4270. Rumours that China was on the bid near the overnight lows also dissuaded the bears. Ranges: 1.4291/1.4339 Cable 1.6468/1.6506; EUR/GBP .8668/96; USD/CHF .7932/58; EUR/CHF 1.1352/90