UK RICS house price data; more sellers emerge UK retail sales show solid growth Japan March CGPI posts 15th straight YoY fall Analyst survey predicts Yuan revaluation this quarter NAB Australian business conditions remain very strong US and Chinese Presidents meet, discuss Yuan Regional stockmarkets fall, gold also down The JPY crosses have been the big movers on the session with USD/JPY, EUR/JPY and AUD/JPY leading the way lower. USD/JPY opened the session at 93.25 but it has been one-way traffic as the market sought to close the gap to 125.70 in the cross, which it eventually succeeded in doing. Bids are noted in USD/JPY at 92.50/55. Ranges: USD/JPY 92.58/93.27; EUR/JPY 125.71/126.60; AUD/JPY 85.45/86.40. The AUD/USD closed in NY at .9170 but fell immediately on renewed cross selling. Today it was the JPY, rather than the EUR, which was the beneficiary. Bids at .9140 initially stemmed the flow but even the strong business conditions index was not enough to turn the bearish intraday sentiment around. Solid bids are noted between .9200/20 with heavy stops also reported below .9190. Range: .9226/70. EUR/USD has traded heavily all session in light of the heavy EUR/JPY selling but the market is aware of decent-sized buying interest and was not prepared to take it on. The bids reportedly start at 1.3565 with heavier ones from 1.3550 down through 1.3500. Range: 1.3569/99. Sterling did not react to the retail sales or house price data, which pretty much cancelled each other out anyway. The cross was also quiet in a .8841/49 range leaving the cable to ape the EUR/USD in a 1.5338/80 range. Markets: Nikkei -1.2%, HK -0.5%, Kospi -0.5%. Gold -$5 at $1153/oz.

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