With the global currency markets keeping a watchful eye on the continuing sovereign debt concerns of the Euro Zone, the ranges were familiar ones in Asia trading today, amidst subdued trading. As Greece looks for a lifeline, Spain and Portugal's troubles don't seem to be too far behind as traders await signs that some type of salvation will be brought to the troubled nation no matter how futile the gesture may be. The EUR/USD caught an early bid as reports that ECB President Trichet was leaving early from an Australian central bank seminar to attend an ECB meeting. Most felt the meeting could be an unscheduled event called in order to put together a rescue plan for Greece, but the event was in fact a scheduled one, but that did not deter the Euro bidding.

EUR/USD eventually hit highs just shy of 1.3720, posting a gain for the session just shy of 75 pips. GBP/USD made a nice push from 1.5570 to highs near 1.5630 and the AUD/USD was able to come off of Asia lows of 0.8612 to just break the surface of the 0.8700 level, and fall short of NY highs by about 5 pips. A lack of data and any robust news kept most sharp moves at bay today. USD/JPY remained mired in the 89.00 – 89.50 range, as the crosses were bid on the back of a mild case of risk appetite. With the session wide dollar weakness, XAU/USD would have been a nice buy at the session's open near $1061.50, as it ended the day at highs through $1070.00.

Be aware of the fact that tomorrow's session will bring a potential risk changer in Aussie Home Loans and Chinese Trade Balance.