The market was obviously quite long of the USD judging by the moves we witnessed in Europe overnight. The EUR/USD rally started during Asia and then gathered pace as the session progressed, topping out just shy of 1.3700. AUD/USD also rallied hard, touching 1.0015, and the cable lagged these moves meaning the GBP lost ground on the crosses. USD/CHF was a big surprise to me, falling fastest of all with the CHF making decent gains in a risk-on environment.

We can expect some choppy two-way trade today with extent of moves dependent on the amount of liquidity.

Good luck today.