ForexLive Asian market wrap: Risk aversion never far away as stockmarkets fall by 2%

Australian job ads -2.4% MoM Australian Q1 business inventories +0.9% QoQ; business profits -8.3% before income tax Australian TD-MI inflation gauge +0.0% MoM Market leaning towards 25bps rate cut tomorrow by RBA EZ politicians increase talk of fiscal authority and even fiscal union FinMin Azumi refuses to comment on the FX market Regional stockmarkets fall by 2% on average Gold $1623/oz, Oil $82.20/bbl BOJ getting steamrolled by bullish Yen sentiment: Bloomberg It's been a fairly quiet session with none of the majors moving too far away from their NY closing levels. EUR/USD spent the early interbank hours trading 1.2400/25 and then tried to move higher in early trade on the back of the EZ political leader statements re fiscal union etc. This momentum soon stalled once sharemarkets opened 2% lower, sending the JPY crosses lower. Ranges: 1.2384/1.2442; EUR/JPY 96.74/97.22 AUD/USD moved around with shifts in risk sentiment, AUD/JPY flows and speculation regarding the RBA tomorrow. We will end the session about 30 pips below the NY closing level from Friday. Ranges: .9623/.9707 USD/JPY 78.02/27; Cable 1.5339/74