The Merkel/Sarkozy talks promised more comprehensive rescue packages but offered no fresh details and the FX market is stuck in neutral this morning. EUR/USD has traded a 1.3345/75 range this morning, slightly below it’s NY closing level. My prediction that USD/JPY would finally start moving on Friday proved woefully wrong, again, and most traders will be giving up on this pair. Cable has opened at 1.5550, AUD/USD at .9740 and USD/CHF at .9285.
Good luck today.
