AUTOREFRESH 
Month-end markets not for the faint of heart
By Jamie Coleman || August 31, 2010 at 13:11 GMT
|| 15 comments || Add comment
Loads of movement but not a lot of news pushing prices around today. Deal first and ask questions later seems to be the motto in the interbank market.
EUR/USD has rallied sharply, up to 1.2733 thus far. USD/JPY is finding demand in the 84.20s and has rebounded to 84.40 Even cable is firmer, though EUR/GBP remains in demand…Tough to get wedded to any fundamental theme this morning beyond there are lots of flows to be transacted between now and the end of the day with much of the action a bit less than two hours away at the 15:00 GMT fixing.
Unless you see a compelling level or trade that you want to have on for a while, stay on the sidelines. It’s gonna be choppy.
Jamie, what’s your best guess as to what the eur/usd will do at the fixing (how much of a pip movement) if the rumors are true regarding the sell of it?
EURUSD offers are no where to be seen thus far!
Clever traders will understand that offers have been absorbed and the market now has to digest them…
It might be “choppy” but I see it as an opportunity to score large.
John, I’ll tell you the pip movement if you can tell me how much of the EUR selling has not been front-run already, how much has been offset by EUR demand against other crosses like EIR/GBP and what the market’s position is at the time of the fixing (and what level we’re at. It would also be helpful to know where the S&P and the 10-year note are going to be trading at 15:00…Once we work out those variables, I should be able to give you an accurate forecast…
Ah, that would rule me out I guess. Anyway, digested offers or not, I will be looking to fade this rally. I wonder what the clever traders will be doing.
I’ll get right on that Jamie…
Now That’s “classic” Jamie. Good on yer mate.
Hello everyone , Has anybody heard about new leverage 50:1 ruling by cftc?
http://forexmagnates.com/cftc-finalizes-forex-rules-leverage-reduced-to-150/
here it is…http://www.cftc.gov/PressRoom/PressReleases/pr5883-10.html
Could anyone explain to me what goes on during the fixing?
Yes Amir. I wonder how traders with American brokers would fare.
Can someone inform me about what time the fixing would be for the central standard time zone. -6 GMT? Thanks.
39 minutes ago…10 am