The morning started quietly with a slightly bullish tone for the risk trades encouraged by the Nikkei opening positively 0.5% up; the market has continued lacklustre and drifted with some profit taking – the main mover of note the AUD and crosses coming off a little after the NAB Business Confidence showing negative, and assisted further by a soft Shanghai Composite opening.

EUR/USD has traded in a 30 point range 1.2585/1.2618; EUR/JPY 111.36/112.09

USD/JPY 88.46/88 range flowing with cross movement

CABLE likewise quiet ranged 1.5014/48 ; after an overnight attempt to regain momentum above 0.8400 the EUR/GBP settled back comfortably in the o.8380’s with little range in our session

AUD/USD sold down late morning with the soft Shanghai market to 0.8723 ( earlier high 0.8780) and AUD/JPY low was 77.16 after 78.03

Gold trades at 1199.50, Oil ( Brent -Aug) 74.10

The market has the feel of summer……