It was a relatively quiet day for trading in North America today with limited news flow out of the US. The Dow and S&P tried to rebound early but succumbed to selling pressure as the trading day progressed and their corrections intensified. Asia Pacific trading today has the potential to be much more active. Action has already started in New Zealand where NZD failed to clear the $0.8000 hurdle and then was knocked back following the RBNZ meeting and statement. The central bank maintained the official cash rate at 2.50% and indicated it is likely to keep it there for the rest of the year. It also, however, indicated that it considers the Kiwi Dollar to be too high, which the street took as leaving the door open to additional currency market interventions in future. This prospect could put a cap on NZD rebounds in the near term. AUD also could be quite active today around the release of the Australian jobs report. Although a small decline is expected and normal after last month’s big jump, traders should note that Canada, a similar economy, surprised to the upside last week. How the numbers shake out could indicate how much pressure the RBA may be under to cut interest rates at its next meeting which could drive trading action in the currency. Stock market momentum remains negative following the US session, although with a number of indices across the region nearing oversold levels, the potential for a relief rally at some point remains. South Korea’s interest decision could stir the pot as well today along with US retail sales later in the day. Economic News Highlights of overnight announcements include: NZ interest rate decision 2.50% no change as expected UK jobless claims (8K) vs street (5K) UK rolling 3M employment 24K vs street (11K) and previous (43K) UK unemployment rate 7.8% as expected US crude oil inventory street (1.5 mmbbls) US gasoline inventory street 0.5 mmbbls Upcoming significant announcements include: 11:00 am AEST South Korea interest rate decision 2.50% no change expected 11:30 am AEST Australia employment street (10K) vs previous 50K 11:30 am AEST Australia full-time previous 34K 11:30 am AEST Australia part-time previous 15K 11:30 am AEST Australia unemployment rate street 5.6% 8:00 am EDT Brazil retail sales street 3.5% 8:30 am EDT US retail sales street 0.4% 8:30 am EDT US jobless claims street 346K 8:30 am EDT Canada new house prices street 1.9%