In the absence of any economic data or any....>

FOREX: In the absence of any economic data or any other particular catalyst, the

Asia-Pacific session was a relaxed affair, the dollar was barely changed from

last night's close in New York. The quiet theme initially spilled over into

Europe, Eur/Usd largely held $1.1730-58 but soon encountered fresh pressure. The

search for $1.1720 stops was eventually triggered to print extended lows of

$1.1714. Eur-Yen felt the weight of Eur/Usd, the break of Y132.00 triggered

supply from momentum-type accounts to Y131.69. Dip buyers cushioned (Y131.68 -

61.8% Y131.17-132.47), rate recovered to the Y131.80/85 area. Dollar-yen

remained on the sideline, late supply via the crosses saw the pair hold near the

base of its Y112.41-60 range. Sterling opened on a buoyant tone, early Eur/Gbp

slippage saw cable squeeze to $1.3166. As the cross pared losses, cable drifted

to the $1.3245/50 area, before late Eur/Usd sales pressed to $1.3231. Dovish RBA

minutes had earlier weighed Aud/Usd to $0.7532 in Asia, recovery efforts held

shallow into Europe. Governor Lowe remarks that said if economy improves next

interest rate move more likely to be up, triggered fresh appetite to $0.7571,

before fading.