EUR/USD has traded in a 20 pip range either side of its NY closing level. Press reports out of Germany suggest that a potential Merkel-Hollande alliance will not be as cosy as Merkozy but the market in Asia has had no interest. Range: 1.3227/48
USD/JPY has drifted slowly lower toward stop-loss orders below 80.00 but technical support (50% retracement 76.00/84.16) has held firm so far. Japan was closed today and will close again on Thursday and Friday. Ranges: 80.08/38; EUR/JPY 106.01/43
AUD/USD has also been fairly quiet ahead of some big risk events tomorrow, namely the RBA decision and Chinese official PMI. Sovereign demand and reserve manager demand for Australian bonds keep the AUD well supported despite a likely drop in interest rates. Range: 1.0431/69
Cable 1.6262/83; EUR/CHF 1.2005/15
USD/JPY has drifted slowly lower toward stop-loss orders below 80.00 but technical support (50% retracement 76.00/84.16) has held firm so far. Japan was closed today and will close again on Thursday and Friday. Ranges: 80.08/38; EUR/JPY 106.01/43
AUD/USD has also been fairly quiet ahead of some big risk events tomorrow, namely the RBA decision and Chinese official PMI. Sovereign demand and reserve manager demand for Australian bonds keep the AUD well supported despite a likely drop in interest rates. Range: 1.0431/69
Cable 1.6262/83; EUR/CHF 1.2005/15