AUTOREFRESH 
ForexLive European morning wrap: Sterling rallies after MPC minutes
- MPC voted 8-1 at last meeting to keep monetary policy unchanged
- Sterling had already triggered stops below 1.5530 in early trade and then rallied almost 100 pips in the aftermath of the minutes release, more due to market positioning than any particular content
- German June retail sales revise strongly upwards
- China doubles its holdings of Korean bonds
- Thai Baht reaches 2 1/2 year high against the USD
The only excitement of note has come from the MPC minutes. Cable fell below 1.5540 in early trade triggering stops on way to a session low of 1.5500 where very strong bids were noted. The minutes were along the expected lines but obviously the market was caught short sterling. Cable rallies 100 pips and EUR/GBP also fell sharply. Ranges: Cable 1.5500/1.5673, EUR/GBP .8231/82
EUR/USD has been tied in between BIS interest both sides of the market and has been buffeted around by cross flows. Ranges: EUR/USD 1.2824/1.2907.
USD/JPY has been subdued with rumours of Kampo bids below 85.20 dissuading any selling. Heavy selling in regional USD/Asia has weighed on USD/JPY. Ranges: 85.20/54, EUR/JPY 109.58/110.39
AUD/USD .8988/.9025, USD/CAD 1.0280/1.0340
Markets: European markets are just under 0.5% lower on average; Gold $1225/oz.
Thanks Sean,for your Morning input,allways welcome down here,
hi sean, what is todays outlook on euro/usd…..
Thx for Your EU session comments Sean
) Have a good rest of the day
G’day Sean, Excellent session today, really interesting to read some of the analysis you’re doing. Thanks for the efforts. Have a good one.
Hi Sean, does the China buying of Korean bonds confirm that they are moving away from US paper as noted a day or two ago? Also, do you think that the strong German June sales will prop the EUR back toward 1.29-1.30?