Asia Session

Today's Asia session got off to a bumpy start. As the risk aversion mentality continued around the global, JPY crosses once again felt the brunt. After initially maintaining short term support several times around 92.10, USDJPY eventually gave way briefly dipping below the figure. The move appeared to be a false break, as the pair traded back near opening levels. Other crosses were victims of fear as well.
EURJPY saw a 60+ pip move to the downside off session highs and despite of rate hike speculation AUDJPY fared no better, giving up 50+ pips at one point.
Most crosses witnessed a bit of a bounce later in the Tokyo morning.

On the economic front, Aussie Trade Balance was the only game in town in terms of market moving economic data. The numbers were worse than had been anticipated and after a quick move to the upside pre data, AUDUSD quickly fell back to earth.

Ahead in the upcoming London session, a slew of data is expected. UK Services PMI will be the first out of the gate, however the European Central Bank's rate decision, and even more importantly the rate statement, will be the main focus for most Forex traders.

Upcoming Economic Data Releases (London Session)

9/3/2009	7:50	FR	PMI Services	AUG F	48.9	48.9
9/3/2009	7:55	GE	PMI Services	AUG F	54.1	54.1
9/3/2009	8:00	EC	PMI Services	AUG F	49.5	49.5
9/3/2009	8:00	EC	PMI Composite	AUG F	50	50
9/3/2009	8:30	UK	PMI Services	AUG	53.2	54
9/3/2009	9:00	EC	Euro-Zone Retail Sales (MoM)	JUL	-0.20%	0.10%
9/3/2009	9:00	EC	Euro-Zone Retail Sales (YoY)	JUL	-2.40%	-2.20%
9/3/2009	11:45	EC	ECB Announces Interest Rates	3-Sep	1.00%	1.00%