The RBNZ raised interest rates by 25 bps to 3.00% but the subsequently slightly dovish statement saw the NZD fall immediately Japan's June retail sales +3.2% YoY Governor Schwarznegger declares a fiscal emergency in California Regional stockmarkets fall by less than 0.5% on average Apart from a few minor bursts of activity it has been a very quiet sesion here in Asia with most of the majors trading close to their NY closing levels. The NZD/USD fell from .7275 to .7210 immediately after the RBNZ announcement and statement and this dragged the AUD/USD lower also, towards its overnight low at .8910. AUD/NZD short-covering above 1.2350 helped the AUD recover and it closes the session slightly above its NY closing level. Ranges: AUD/USD .8908/65; AUD/JPY 77.70/78.20; AUD/NZD 1.2240/1.2385 EUR/USD has again been unable to move far away from its recent pivot at 1.3000. A brief flurry of EUR/JPY selling just after the Tokyo fix threatened to send the EUR/USD lower towards stops below 1.2950 but this also fizzled out. Ranges: EUR/USD 1.2981/1.3013; EUR/CHF 1.3725/44 USD/JPY has been trading with a slightly heavy tone after the news out of California left traders feeling both bearish USD and also slightly risk averse. Momentum was lacking however and well-noted corporate bids below 87.00 went un-tested. EUR/JPY also failed to break below the previous resistance-now-support around 113.25. Ranges: USD/JPY 87.13/51; EUR/JPY 113.20/75 EUR/GBP has had an extremely quiet 7 pip range meaning that the cable has simply followed the EUR/USD lead. Ranges: Cable 1.5585/1.5621, EUR/GBP .8326/33 Markets: Nikkei -0.5%, HK -0.25%, Sydney -0.25%, Kospi -0.15%. Gold $1165/oz. Oil $77/bbl.