The risk off theme spilled into Asian.........>

FOREX: The risk off theme spilled into Asian equities allowing the JPY to

advance (Nikkei 225 shed >3% at one point), before equity supportive

rhetoric/policies from China allowed the indices to move back from lows

(although they remain sharply lower on the day), as U.S. index futures edged

higher. USD/JPY reclaimed Y112.00. Bears look for a close < 50-DMA & clustered

support into Y111.95, before targeting the Oct 16/15 lows & the 100-DMA. Initial

resistance noted at Wednesday's intraday high, followed by the 21-DMA.

- AUD/NZD moved higher, as Fitch affirmed Australia's AAA credit rating; outlook

stable, while NZD had little reaction to the latest NZ trade release. The rate

last deals at NZ$1.0855, back above the 200-DMA, which now acts as initial

support. Bulls look to the October 19 high, followed by NZ$1.0900 and the

100-DMA. Downside momentum in the rate has faded over the last couple of

sessions. Next week's Q3 AU CPI print will be key.

- Elsewhere, KRW struggled on the risk off theme and soft South Korean GDP.

- The ECB rate decision takes focus Thursday, with markets also eyeing German

IFO, the Norges Bank MonPol decision & Fedspeak from Clarida.