USD/JPY range-bound, disappointing China PMIs keep sentiment risk off

USD/JPY traded sideways in a tight 123.84-124.05 range.
• JPY crosses were heavy, sentiment risk-off, TSE/other Asia bourses off, China PMI.
• EUR/JPY to 136.30 then to 135.88, GBP/JPY 191.98 to 192.42 then 191.97.
• GBP heavy despite talk of massive Nikkei-FT deal buys at London fix.
• AUD/JPY hit hard, 91.18 to 90.01, China PMI, NZD/JPY 82.04 to 81.28.

• EUR/USD, most EUR crosses give back yesterday gains, market risk-off.
• EUR/USD up tad to 1.0993 early before push down to 1.0965.
• Regional stock markets sans Shanghai off, China PMI weak, longs skittish.
• 1.0890-00 (1.468 bln), 1.0995-00 (1.447 bln) option expiries help contain.
• EUR/JPY to 136.30 then to 135.88, EUR/GBP edges down from 0.7082 to 0.7071.
• EUR/CHF exception, steady near high yesterday, 1.0536-49.

• GBP/USD see-saws between 1.5501-23 in Asia after sell-off yesterday.
• Pair holding just above last night’s 1.5500 low, stops eyed below.
• Talk of decent GBP buys at London fix on the Nikkei-FT GBP844 mln deal.

• USD/CHF bid, up modestly in Asia from 0.9586 to 0.9612.
• Resistance topside at 0.9650, stops seen likely above.

• AUD/USD opens Asia at 0.7355, trades off, 0.7362 to 0.7269 on China PMI.
• Weak commodities, broad risk-off sentiment add to downward pressure.
• CNY band widening news, S&P budget warning also more negatives.
• AUD down on crosses too – GBP, EUR, JPY and CAD.

• Pulls back from RBNZ induced short squeeze to 0.6695 yesterday.
• Trade data worst since mid-’09, helps in push down from 0.6624 to 0.6600.
• Flash China PMI sees further leg down to 0.6564.
• Heavy still but market may await RBNZ Gov Wheeler speech next Wednesday.

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