Written by FastBrokers House
Well there’s been alot of huffing and puffing, but when all said and done not a great deal of net change on the majors.
EUR/USD very marginally firmer. Up at 1.4107 from early 1.4090, but someway off session high 1.4149. The euro bulls were pretty much in command early, triggering stops through 1.4125. We’d already topped out though (with India notable seller around highs) when Fed’s Bullard stuck a dagger in the euro bulls’ backs with another dose of hawkish monetary rhetoric (see above)
Talk sell orders 1.4145/55, said to include Chinese interest. Buy stops through 1.4160. Talk of large hedge fund sell order up at 1.4170/75. Buy orders clustered 1.4050/60 and more 1.4000/20. Stops below there and more through 1.3980.
USD/JPY up at 81.95 from early 81.70. Pairing garnering some underpinning from firm US treasury yields.
Sell stops through 81.50. On topside, sell orders 82.00/20, buy stops through 82.30. Then reports of China on the offer around 82.50.
AUD/USD down at 1.0235 from early 1.0250. Rallied initially, but ran into decent seling from Asian central bank around the 1.0271 session high. Fairly decent sell orders said to be lined up at 1.0300/20. Also talk of 1.0350 barrier interest.
Cable unchanged on day at 1.6015, to the pip where it was when I started. Pairing tried to rally, aided by buying from Reserve Bank of India in 1.6020’s, but Bullards’ comments put paid to that extending very far for now. We got to 1.6042 before heading south again.
Cable has seen a small rally late in the session taking it back above 1.6000 again. EUR/GBP may hold the key to further cable moves with solid selling seen around .8820 but stops lurking not far above there. Ranges: Cable 1.5974/1.6015, EUR/GBP .8799/.8811.
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