ForexLive Asia Wrap Tue. 11 Dec 2012:

Big jump in Aussie Business Timidity (the opposite of confidence) led to the biggest move today ... read on: NZ Electronic Card Transactions data showed retail transactions rising the most since April. NZ Residential property value measure showed continued rises at +5.7% YoY for Nov (+5.7% was also the result in Oct.) Japan Money Supply figures showed a steady rise: M2 YoY for Nov +2.1% (expected +2.3%); M3 YoY for Nov. +1.9% (expected +1.9%) UK RICS Housing Mkt Survey worsened: -9% in Nov, (-7% in Oct) The biggest data release of the day was the Business Survey from the Nat. Aust. Bank. Business Conditions came in unchanged on the month at -5 ... but Business Confidence was almost an order of magnitude away from the previous result, coming in at -9 (vs. -1 prior). AUD fell away over the next hours, getting down to 1.0462 (from 1.0491 high earlier) before retracing somewhat, China new bank loans were below expectations at Y522B (Y550B expected) Tight ranges in the currencies today, with the fall in AUD/USD the stand-out action (even though the move was less than 30 points total). AUD/USD fell after very poor Business Confidence reported in the NAB Business Survey for November. There was a jump in EUR/USD to 1.2962 after the Tokyo lunch. There was no obvious news (the jump did come straight after news of an increase in China steel, diesel and gasoline output in November, though) and may well have been  a stop run (we highlighted stops above 1.2950 earlier in the day). It quickly retraced to just below 1.2950 (we also highlighted sellers from 1.2950 to 1.2970 earlier in the day).