q       The Euro rose against the greenback as improved demand for Portuguese and Polish bonds eased recent concerns over the European debt crisis. Portugal actually sold 661 million euros of bonds maturing in September 2013 with an average yield of 4.086%, higher than 3.597% at the last offer.

q       Sterling rebounded from six-week lows against the dollar on Wednesday on data that eased concerns about a slowing housing market and as gains in stock markets supported risk-taking sentiment.

q       The USD/JPY traded with a low of 83.33 and a high of 84.06 before closing the day around 83.75 in the New York session. Fresh 15 year lows were seen as mixed signals come from the BOJ/MPF in regards to intervening on the strengthening Yen. EUR/JPY was particularly weak in Asia and helps the USD/JPY break below Y83.50 before bouncing with the positive auctions which eased risk aversion.

q       The Australian dollar jumped to lifetime highs against the euro and to four-month peaks versus the US dollar, after data showing a surge in employment data argued for domestic interest rates to eventually rise.

q       The SA Rand strengthened against the dollar on Wednesday as risk aversion eased in late afternoon trade, boosting emerging markets assets.