European morning wrap: Odd scary moment, but generally a rather mundane month-end so far

The major pairings showing little in the way of notable net change on the day as we head into month-end.  Main feature would be further yen weakness.  There has been talk of  expected month end dollar demand versus likes of yen, euro and sterling. Expected moderate against  the euro and cable, a little heavier against the yen.

USD/JPY up at 82.65 from early 82.45,  EUR/JPY up at 107.55 from around 107.10.

Talk of very large 82.90 one-touch option structure rolling off at the New York cut later today.   Also talk of barrier option interest placed up at 83.00, defensive sell orders just infront.

Talk of buy stops through 107.80 in EUR/JPY ahead of 108.00 barrier option interest.

EUR/USD fractionally firmer at 1.3005 from early 1.2995.  The pairing spiked to session high 1.3029 (EBS) from circa 1.2995 just after the release of truly grotty German retail sales data (see above) Go figure? Honestly, I have no idea what was going on there and will likely go to my grave none the wiser.  Month-end innit, anything can happen and usually does.  Middle Eastern and Asian names reportedly sold into the spike.

Cable and AUD/USD effectively unchanged at 1.6045 and 1.0425 respectively.



  1. Good morning Gerry, just passing to read your mornng wrap and back to work again!

    Enjoy your day and thanks for your feedback! ;)

  2. Great wrap Gerry, I don’t how you do it always to such a constant high standard, hope everything goes better for Pete at the hospital and after, Have a good w/e Gerry atvb,Chris2

  3. Practice I guess Chris. Once you’ve done it a few thousand times you kinda get the hang of it. I used to do the Thomson Reuters wrap way back in the 1990s. Thx kind comments, much appreciated. Have a great w/e yourself matey :)

  4. Cheers Rui, pleasant w/e to you :) Bet it’s warmer where you are than it is here in the UK. Brrrrrrr


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