Today's Asia session followed Wall Street's lead as riskier assets continued to trade under pressure.  After finding some support early in the session near 1.4200, EURUSD briefly broke down below the figure.  The JPY crosses all felt the heat of global recovery concerns initially.  After a dramatic NY session to the downside, risk trades made fresh lows, before recovering later in the session in a quick spike to the upside.

On the economic front, Aussie GDO stole the show, coming in much better than expected sending AUDUSD 70+ pips from its lows and back over the .8300 handle.  AUDJPY benefited from the positive data as well, seeing a dramatic 80+ point move higher.

Ahead in the upcoming London session, no top tier data will be on the docket.  Instead, traders will be focused on the recent global trend that has risk trades falling out of favor.