G20 meeting this weekend ensured that traders were not eager to put on any fresh risk. We saw the usual Friday profit taking on regional stockmarkets and this encouraged some mild selling in the JPY crosses.

EUR/JPY closed in NY around 121.20 and spent the first few hours oscillating betwen 121.00/50 before making its main session move lower after lunch. FinMin Noda spent a lot of time on the newswires with the usual statements about appropriate action. His meeting with Trichet held no mention of any cooperation however. Ranges: USD/JPY 83.25/78; EUR/JPY 120.43/121.47

EUR/USD will close the session as it opened near 1.4470. The range edges have been down to EUR/JPY flows. The Asian market had no interest in testing option selling interest or bids from the same players reloading on dips. Ranges: EUR/USD 1.4460/1.4504, EUR/CHF 1.2920/48

AUD/USD was mainly unaffected by the Chinese data although some mild profit taking did emerge after the event. Much of the data had been leaked yesterday and the market was long AUD in anticipation of the CPI number. Ranges: AUD/USD 1.0514/57

Cable 1.6330/73, EUR/GBP .8847/68, USD/CHF .8914/39