ForexLive Asia Wrap Up: Risk Off After China PMI

Greece/Troika near agreement on new cuts, should finalize by Sunday Fed's Fisher says new policy won't provide hoped for boost, looks forward to solving the problem of when to tighten policy.  Senator Hatch: Bernanke reiterated need to avoid fiscal cliff, would cut QE if inflation accelerates. NZ FinMin English says no way to "pick right exchange rate." Economy outperforming others. NZ 2nd qtr GDP higher than expected, 0.6% q/q and 2.6% y/y. Japan Trade deficit rose to Y754.1B with exports falling 5.8% and imports falling 5.4%. Chinese HSBC September Flash PMI rose to 47.8 from 47.6 the previous month. EUR/USD falling to session lows just above support level of 1.2990/00 after spending most of the pre-PMI consolidating around 1.3040/50. No real fresh news with the exception of possible Greek/Troika agreement.  Offers up around 1.3080 with scattered stops above. USD/JPY was a non-event even after their trade numbers showed continued weakness in global exports . 78.35/45 was the range till post PMI sent it to the lows here at 78.24/26. Good bids remain around 78.00/10 with stop below. Offers now probably being lowered to the 78.50/60 level. AUD/USD actually saw a better bounce from a good NZ GDP , reaching session high of 1.0483, than the 10 pip blip after PMI. Continued mining sector worries weigh heavy on the AUD/USD trading now at session lows now at 1.0404/7. Have A Good Day.