TODAY'S ANALYSIS & HEADLINES

MARKET ANALYSIS:
ECON DATA:

Currency	ECON DATA	Forecast	Previous
AUD	RBA Monetary Policy Statement
CNY	CPI y/y	2.80%	2.70%
JPY	BOJ Monthly Report
EUR	French Industrial Production m/m	0.30%	-0.40%
GBP	Trade Balance	-8.4B	-8.5B

TODAY'S TALKING POINTS:

• Price action yesterday throws traders a curve ball. It was more about the JPY and questionable Chinese data than anything else - Ranging Markets will persist
• 30yr Bond auction sells with lower b2c and higher yld
• Headline news is weighing on Risk sentiment this morning - nobody can find anything positive to write about - just see below
• SENTIMENT COMING INTO TODAY'S TRADE DAY SEEMS TO BE **RISK OFF**. WE HAVE NO MEANINGFUL ECON DATA AND NO SPEAKERS ON TAP. ONLY GAME CHANGER MIGHT BE CHINA'S INDUSTRIAL PRODUCTION. = RANGE TO RISK OFF FOR NOW.

On Going Market THEMES:

FED Tapering in Sept / Debt Ceiling / Student Loans and Muni's Defaults....

HEADLINES:
More bad news for Europe = who cares - Zerohedge

More woes for the periph. it will eventually come to a head - Zerohedge

RBA lowers growth forecast. another hit to the AUD - blooomberg

Yesterday Asia's session turnaround looks to be a one timer - bloomberg

4 Fed Officials tapering to begin shortly - bloomberg

Another Fed Dove down, Pianalto to retire - bloomberg

Ghosts only benefactors to China's ghost towns -WSJ

Watch out Equity Investors. Our TradersCheatSheet model agress with this article - WSJ

China's Big Commodity Chill - WSJ

Sounds like a zerohedge article but this time its mainstreet - MarketWatch

Wall Street will cut 15% of its jobs over 18 months: Meredith Whitney - MarketWatch