Usual choppy trading conditions were again in evidence overnight but the majors open in Asia essentially unchanged from yesterday, apart from USD/JPY which is higher. The AUD has done reasonably well on the crosses, and it looks like some of the JPY longs which Jamie was referring to earlier were against the AUD, with AUD/JPY viewed by many as the main risk-aversion pair. EUR/USD is consolidating inside 1.3210/1.3420, with the bears still in control, but the size of EUR short positions will certainly be worrying the bears.

Good luck today.