The us session was characterized as one of backing and filling by the major currencies and continued rallies among the commodity pairs.

EUR/USD pulled back during the US session running into selling at the 1.3780 area once this morning and again later in the session. The first move to the downside triggered trailing stops below the 1.3760 level. We fell as low as 1.3727, holding above the afternoon lows posted ahead of the Fed yesterday at 1.3716. Late afternoon EUR/JPY sales helped knock the pair lower in its range and we end the day around 1.3740, a disappointment for those hoping for a bullish close above the 1.3800 level.

EUR/JPY approached the highs posted late last week above 125.00 but failed miserably and ended the day heavily on the defensive, around the 123.95 level. A break of 123.30 support would be very bad technical news for this cross.

Cable spent most of the US session consolidating after a moonshot in London on unalloyed short-covering. Upbeat UK employment data helped prompted GBP shorts to dash headlong for the exits. Bulls experienced their own moments of doubt and pain as prices pulled all the way back to 1.5275 to inflict pain on latecomers to the pound’s party. We end the day at 1.5325, well clear of the downtrend line in place since mid-January, a bullish sign.

AUD and CAD each for the bulk of the North American session. USD/CAD triggered a barrier at 1.0100 and slipped as low as 1.0075 before stabilizing. That’s the Loonie’s firmest level since the summer of 2008. AUD/USD rallied to 0.9350 and ends the day well supported at 0.9235. Australian sellers are seen in the 0.9250/60 area, traders report.

It was another brutally boring morning session in Asia with the EUR/USD trading for almost 6 hours in a 10 pip range. The BoJ announcement brought a few fresh flows into the market and this encouraged some small movements.

USD/JPY fell from 90.40 to 90.03 immediately after the announcement in what was a case of buy the rumour, sell the fact. But with 2-year JGB yields now at 4 year lows, USD/JPY and the JPY crosses found some willing dip buyers and USD/JPY has jumped to a new session high at 90.62. Unusually, this pair has been the most volatile during the local session.

AUD/USD jumped above .9200 in early trade as stop-loss buying in NZD/USD led the way but when AUD/NZD sellimng also materialised, the AUD/USD drifted back to its NY closing level. Range: .9174/.9209.

Cable and EUR were both relatively quiet although the GBP has given back some of its overnight gains on the cross. Sovereign sellers are expected in the EUR/USD at 1.3825/50 and this dissuaded local traders from being overly bullish. Ranges: EUR/USD 1.3763/86;  Cable  1.5220/60.

Markets: Nikkei +0.75%, HK +1.3%, Kospi +1.1%. Gold +5 to $1128/oz.

EUR/USD was boosted headed into New York trade by better than expected ZEW data and never looked back. It consolidated gains below 1.3730 before edging firmer at the 15:00 GMT fixing and finally racing higher (to 1.3771) after S&P affirmed Greece’s credit rating and removed it from watch for a downgrade.

We traded in choppy fashion in the run-up to the FOMC statement and slipping as low as 1.3716 just before the release and then soon racing to 1.3779 within moments. another dip, this time to 1.3730 was followed by a sprint to 1.3784 where we stalled ahead of rumored 1.3800 barriers. Technically, we closed above the downtrend in place since since December for the first time today.

Cable took off after the Fed, building on early gains on the heels of the Conservatives putting some distance between themselves and the ruling Labour party. Bearish comments on the pound from BOE member Bean did not prompt any selling from near session highs, a signal to GBP shorts to cover quick. Prices rocketed as high as 1.5259. Traders were badly burned on the day, having sold earlier after waves of M&A selling took the pound below 1.5000 in London early in the day.

USD/JPY eased slightly with US yields after the Fed but dips were limited on buying of JPY crosses like GBP/JPY and AUD/JPY as the era of cheap money was perpetuated by the Fed again today. Dips were limited to the 90.16 level in New York trade.

AUD/USD rallied to 0.9193 as risk trades performed strongly in New York afternoon trade. Whispers of options protection ahead of 0.9200 helped slow the advance. USD/CAD fell to its lowest levels since the summer of 2008 at 1.0137 today after triggering a 1.0150 barrier.

Well looks from all the rhetoric as though Greece is going to get its aid, if infact it needs it.  Can’t really fathom the details. Maybe its just me being slow. or maybe there aren’t any.

EUR/USD up at 1.3720 from early 1.3695. Early sell-off reached session low 1.3657 where sovereign purchases supported.  Slightly better than expected ZEW data (see above) also helped.   

Cable started around 1.5005 and fell to 1.4979, two  UK clearers and a German bank notable sellers.  Sovereign buy orders were tipped down at 1.4950/60 but we didn’t get that far. Sovereign buying is said to have surfaced around the lows.  Stops were tripped as we went through overnight high of 1.5071 on way to session high 1.5153, presently at 1.5140.  Another clearer (neither of those seen selling earlier) is said to have played a big part in getting the pairing through 1.5100.

Latest poll in Daily express shows Tories lead increasing. Maybe we might not get hung parliament after all.  Fingers crossed.

EUR/GBP down at .9062 from early .9095.  An early rally floundered at .9119.  The .9110/30 zone continues to provide formidable resistance.

USD/JPY up at 90.65 from early 90.10.  We’re stuck 90.00-91.00 range at the moment.  Fiscal year end repatriation flows capping the upside. Speculation BOJ will bring in further easing measures this week limiting downside.

USD/JPY has drifted lower throughout the session under the weight of further corporate repatriations. The pair opened at 90.45, triggered stops below 90.15 and has traded a 89.99/90.49 range.

The AUD/USD slipped immediately after the RBA minutes but once again has shown the ability to bounce back quickly. The spectre of further rate rises will have more dip-buyers out in force. Range: .9120/53

EUR/USD has again been under-inspiring in a 1.3660/98 range. The lack of anything concrete from the EU finance minister meeting did not affect the market here in Asia. Heavy stops said to be building below 1.3530 but that’s a long way away based on today’s price action.

GBP has again been the weakest of the majors with speculation that some of the big M&A stories like the Prudential/AIG deal are to blame. Cable range, 1.5042/71, EUR/GBP .9070/.9100

Markets: Nikkei -0.2%, HK -0.3%, Kospi flat. Gold slightly higher at $1110/oz.

Risk aversion was the early theme today as the growing rift between China and the US was cause for concern as was commentary from Moody’s on the vulnerabilities to the AAA sovereigns (US, UK Germany and France) over the medium-term.

EUR/USD fell for much of the US morning, weighed down by heavy sales from a Swiss bank, rumored to be approximately EUR 1 bln. Prices slipped below 1.3670 support late this morning which triggered a wave of stop-loss sell orders. Prices fell as low as 1.3639 moments after the 16:00 GMT fixing. We slowly recouped some lost gound in the afternoon, ending around 1.3675. Offers reside in the 1.3700 region on rebounds, traders say. Bids are eyed in the 1.3620/25 area.

GBP/USD retreated as low as 1.5021 with the Moody’s comments and M&A-related sales seen as a catalyst. More stops lie below the 1.5000 level, traders report.  1.5085 and 1.5120 are resistance levels on rebounds near-term.

USD/JPY was a victim of risk aversion, slipping as low as 90.36. EUR/JPY was a victim as well, falling to 123.32 after lots of stops were triggered after the move back below the pivotal 123.90/124.00 area. That area should cap rebounds in the near-term. The cross closes around 123.77.

AUD fell as low at 0.9096 on risk aversion but rebounded impressively in thin afternoon trade, ending around 0.9144.

Bad morning for sterling, cable down at 1.5045 from early 1.5160, while EUR/GBP is up at .9118 from early .9060.  The move comes with worries over a hung parliament exacerabated by weekend polls; warning from Moody’s re Uk’s AAA rating; downbeat comments from BOE’s Barker; and poor UK housing data from Rightmove,  the +0.1% m/m rise in March being the lowest recorded for the month.

Cable, and sterling in general, started out on the front foot however, cable fleetingly above 1.5200, EUR/GBP down to .9047.  Given the raft of poor news the move was a little baffling and sources cited decent cable buying from Eastern Europe.  Some also seemed to take solace in the Moody’s comments, but I couldn’t quite see that myself.

Talk UK clearer was an aggressive cable seller during the session, mutterings it was tied to Prudential’s purchase of AIA.

EUR/USD little easier, but not by much.  EUR/USD sits at 1.3724 having been as low as 1.3699 after stops tripped through 1.3720.  Comments from German spokesman and others re Greek aid have been duly noted (see above).  Talk of sovereign sell interest up at 1.3800 and again up at 1.3830/50 will be adding note of caution to euro bulls.

USD/JPY very marginally firmer, up at 90.70 from early 90.57.  The pairing remains fairly well underpinned ahead of  BOJ’s meeting later in the week.  Sell orders seen 90.80/00, stops just above there.

EUR/CHF has continued lower, presently down at 1.4533 from early 1.4560 as the SNB stays at home.

EUR/JPY gapped higher in the early interbank market, trading to 125.30 after closing in NY at 124.50. These gains have been given back amid the aforementioned mild risk aversion and the on-going repatriation by Japanese corporates. USD/JPY still sees a lot of corporate selling interest at 91.10/20 and EUR/JPY is also attracting offers from 125.50 to 126.50 from European-based Japanese corporates. Ranges: USD/JPY 90.56/80. EUR/JPY 124.44/125.30.

AUD/USD took out a barrier option at .9200, trading to a high of .9204 on interbank platforms, before settling back on the reports of increasing tension between China and the US regarding the level of the RMB. Fairly heavy stops ae reported below .9100 and particularly below .9060. Range: .9130/.9204.

EUR/USD moved higher early on the EUR/JPY and AUD/USD moves but the prospect of Sovereign offers above 1.3800 (particularly between 1.3825/50) dissuaded any bullish heroics and this pair also drifted lower throughout the session. Range: 1.3727/76.

Sterling was unaffected by the housing data and in fact managed to make some gains against the EUR and the AUD. Cable range: 1.5154/97.

Markets: Nikkei -0.1%, HK -1%, Kospi -1%. Gold steady at $1105/oz.

The only moves of note in the FX market were from the GBP. Cable closed in NY at 1.5060 and the twilight zone market was intent on triggering stops above 1.5080. Firstly, offers between 1.5070/75 had to be taken out and then the stops were easily tripped. The high was at 1.5087 but the pair slipped back pretty quickly which suggested that the stops were not as big as had been anticipated. The bearish articles in the UK press then helped the pound to remain pressured for much of the session. Ranges: cable 1.5038/87, EUR/GBP .9072/93

EUR/USD has been relatively quiet in a 1.3670/96 range. The market has turned to neutral/bearish from outright bearish and this has led to short covering. Hedge funds remain sellers on rallies as do Sovereign names as they look to off-load their purchases from the last two weeks.

USD/JPY and EUR/JPY have been quiet in 90.48/74 and 123.70/124.17 ranges respectively. Corporate offers are eyed in USD/JPY between 91.00/20 as EoFY repatriations continue.

AUD/USD has been unable to break either up or down today. The market was wary of getting overly long just in case China did decide to raise rates and this could lead to some selling of the risk trades. Range: .9141/65

Markets: Nikkei +0.7%, HK +-0.1%, Kospi +0.1%.

EUR/USD spent the US session in a range. A choppy range at first, followed by a glacial afternoon rise.

We fell from 1.3688 shortly after the US economic data to a low of 1.3626 in about 10 minutes, then spent the balance of the day recouping that lost ground. Comments from the Dutch PM suggesting that Greece could go to the IMF helped knock EUR/USD from its highs. Traders took the comments as an admission that the EU may not be up to the task of looking after its weakest link(s) on its own. Heavy sales from a Swiss private bank helped weigh on the EUR around the same time. Strong buying from US custody banks helped lift EUR/USD back into the 1.3650s after which improving US equity markets helped carry the ball the rest of the way to 1.3681 afternoon highs.

Cable dipped briefly below the 1.5000 level as EUR/USD slipped back but US custody buying in that pair helped the pound recover to 1.5060/65 late in the day.

USD/JPY was limited on the topside by heavy offers at the 123.90 level in EUR/JPY once again. Traders fear a sell off i the cross if the Rubicon is not crossed soon.

AUD/USD slipped to the 0.91-teens on risk aversion with losses in stocks and commodities seen early in the US session but it rebounded along with the European currencies in the afternoon and ends the day around the 0.9150 level.

Early focus was on the AUD and the NZD. The NZD fell significantly after the RBNZ statement and this weighed on the AUD also, although AUD/NZD did make decent gains back above 1.3000. The AUD/USD fell from .9140 to .9120 after the employment data, bounced back to 40 and then re-tested the session lows. Dealers report option-related buying mixed in with corporate demand close to the lows. Range: .9114/56

USD/JPY and the JPY crosses drifted lower for the entire morning session amid the corporate repatriations, although volumes were relatively small. The Chinese data also ushered in some selling of the risk trades as the prospect of a Chinese rate hike seemed to increase. USD/JPY range 90.22/55, EUR/JPY 123.04/65

EUR and GBP have been very quiet in tight ranges, 1.3630/61 and 1.4950/87 respectively.

Markets: Nikkei +0.5%, HK -0.4%, Shanghai -0.6%, Kospi -0.1%. Gold steady at $1107/oz.

EUR/USD rallied strongly late in London, reaching the 1.3680 area. Waning Greek concerns, trimming of stale short positions and slightly improved risk appetites helped underpin EUR/USD, EUR/JPY and AUD/USD today. The failure of the benchmark S&P average to overcome the 1150 technical hurdle helped trim risk sentiment during quiet afternoon trade.

USD/JPY ramped higher on very strong buying from a US money center bank during the NY morning. A high of 90.83 was seen. Exporter offers were absorbed above 90.50 but more toward 91.00 helped cool the rally. Similar offers at 124.00 slowed the cross.

Cable recouped much of the ground lost in London but was unable to retake the 1.5000 level. Heavy cable sales from a UK clearing bank was seen again today; the same name that bought the 1.44 puts earlier in the week. A buy recommendation from a US bank’s tech analysts made the rounds this morning. They see a rally to 1.57 with a stop below 1.4775.

AUD/USD extended its rally to 0.9193 this morning and spent the rest of the session retrenching. Traders are quiet long of this pair, sources say.

Euro has had an Ok morning after shaky start.  EUR/USD  is up at 1.3620 from an early 1.3595, receiving a late morning boost from news that Greece has told EU implementation of deficit plan is ahead of schedule.  EUR/JPY is up at 123.10 from early 122.40, while EUR/GBP is up at .9120 from early .9085.

It wasn’t all a bed of roses though.  EUR/USD initially came under pretty heavy pressure, the euro underminned by demonstrably weaker than expected German trade data (see above.) We got as low as 1.3546 before recovery, a major French bank having apparently backed up the truck and bought aggressively around the lows.  I’m sure they’ll be reports of sovereign buying down around lows but didn’t  hear them myself.

Cable started around 1.4965 and came under heavy pressure right from the get go.  Reports had a UK clearer and hedge funds selling aggressively. The clearer was said to have been the same one seen buying 6 month 1.4400 cable puts recently.

We got below 1.4900 buy strong buying emerged just ahead of technical support at 1.4880 (76.4% retracement of 1.4781/1.5197).  This lifted cable higher and reports of sovereign purchases helped cable get back to around 1.4950 just ahead of the 09:30 GMT release of truly horrible UK industrial/manufacturing output data. Cable swooned and eventually got as low as 1.4874. We’ve seen some recovery, presently back up at 1.4920.

Reports SNB intervened in EUR/CHF lifted the cross from 1.4612 session low. But there has been no followthrough (session high 1.4630) and we’re presently at 1.4620, effectively unchanged on the day.

USD/JPY sits up at 90.40 from early 90.05 amid speculation BOJ could ease monetary policy further at their March 16/17 meeting.  Stops tipped through 90.65.

Another brutally boring Asian session which was only notable for the GBP making new multi-decade lows against the AUD. The majors traded in 25 pip ranges with the exception of the GBP which fell against all other major currencies.

EUR/USD traded in a 1.3588/1.3613 range. Sell orders at 1.3620 and bids at 1.3570 are corralling the market but stops are building both sides, above 1.3630 and below 1.3525 and a bigger move is surely imminent. EUR/JPY was tired after some big moves yesterday and saw only a 122.16/59 range.

Cable fell from 1.5010 to 1.4960 when a GBP/JPY flow hit the market in early Tokyo trade and it has been unable to recover since. Sovereign bids are seen starting at 1.4930 through 1.4875. Stops are said to be building now above 1.5040. Range: 1.4959/1.5016

The AUD/USD jumped early in the session after more bullish comments from the RBA. AUD/NZD selling ahead of tomorrow’s RBNZ meeting helped temper gains. Stops are noted close by above .9180. Range: .9133/63.

USD/JPY traded in a tight 89.85/90.08 range.

Markets: Nikkei, HK and Kospi were all basically flat on the session. Gold added $2.50 to $1125.50/oz.

EUR/USD opened on the defensive and fell to ession lows early in the day. The hang-over from critical comments from Fitch on UK, Spanish and French debt set the tone early. EUR/USD fell to 1.3537 but bounced from just ahead of the post-payrolls low from Friday at 1.3530. Prices rallied to 1.3617 in early afternoon trade as disappointed shorts covered and US share prices rallied. EUR/USD dipped back below 1.3600 late in the afternoon as the US stock rally faded. We end at 1.3601 with stocks up modestly on the day.

Cable was sold heavily on the comments from Fitch suggesting UK budget cuts were too slow in coming. We probed 1.4940 several times but bounced back amid the usual talk of central bank demand on dips. Rebounds reached 1.5015 and we end at 1.5000.

USD/JPY was boosted by US buying on dips. Selling of JPY was particularly heavy against the AUD today, with US custodial banks the most prevalent buyers of the cross. Risk aversion eased during the session, helping USD/JPY recover toward the 90.00 area where we end the day from 89.70 lows.

AUD was the standout during the US ssession. It bounced sharply from a test of the 100-day moving average at 90.60 before stalling just shy of the 76.4% retracement of the 0.9330/0.8576 decline, which comes in at 0.9152. We topped at 0.9147.

Tonight’s Chinese data dump for February will be closely eyed but traders are concerned about the distortions from the long lunar new year holiday. Best of luck!

Risk aversion has picked up this morning, European stocks lower, oil off over a buck and gold lower. Fitch’s various prognostications (see above) hardly helped matters.  USD and especially JPY the beneficiaries.  JPY also aided by ongoing reports of fiscal year end repatriation flows.

EUR/USD started around 1.3615. Dipped early, briefly below 1.3600 before bouncing with reports circulating that Russia and BIS had been notable buyers.  The recovery didn’t last long and sell orders tipped at 1.3640/50 never came into play.  We were soon back below 1.3600, downbeat comments from Fitch Rating (see above) pressuring the pairing.  We’ve been as low as 1.3562 so far, presently at 1.3570.

EUR/JPY is down at 121.75 from early 122.50.

Cable has had a bad day.  Started around 1.5010 and was under pressure fairly quickly. Poor RICS housing data out overnight, Times poll showing Labour and Conservatives running neck and neck in key marginal seats and Moody’s warning of possible downgrades to UK banks/lenders among factors weighing. 

The sell-off accelerated as comments from Fitch Rating hit the wires (see above) and as data came out showing UK’s trade picture worse than expected (see above) We’ve been as low as 1.4940 so far, talk of sovereign buying below 1.4950 lending some very tenuous support.  We’re presently at 1.4952.

USD/JPY has seen a more active morning, down at 89.80 from early 90.30 amid heightened risk aversion and ongoing reports of fiscal year end repatriation flows.  A US investment bank seen notable seller this morning.  We’ve been as low as 89.63 so far, just above tipped buy orders at 89.50/60.

Another quiet session in Asia which has only been notable for repatriation flows by Japanese corporates out of Europe and the US. EUR/JPY opened at 123.15 and fell almost 90 pips before steadying. USD/JPY opened at 90.25 and fell to 89.90. Ranges: USD/JPY 89.89/90.33. EUR/JPY 122.34/123.14.

EUR/USD drifted lower on EUR/JPY selling but the market is well aware that Asian Sovereign names are buying between 1.3570/85 and it didn’t try for much lower. Very tight 1.3609/35 range.

Cable fell hardest of the majors amid some heavyish GBP/JPY selling. EUR/GBP also managed some decent gains. Talk of Sovereign bids at 1.4950 in cable. Ranges: Cable 1.4995/1.5067, EUR/GBP .9047/75, GBP/JPY 134.80/136.10.

The AUD did not react to the strong job ads data and has lacked momentum for much of the day. Liquidation of long AUD/NZD positions and AUD/JPY selling weighed on the pair. Ranges: .9075/.9103.

Markets: Nikkei -0.2%, HK +0.2%, Kospi -0.1%. Gold -0.2% at $1022/oz.

EUR/USD edged up on healthy risk appetites early in the session, reaching 1.3692 in morning trade but it was soon punched lower as ECB economist Stark all but ruled out the idea of a European Monetary Fund, saying it would violate the terms of EMU. Also hurting the EUR was a dose of scare-mongering by Greek PM Papandreou during his Washington trip, saying a broader crisis is likely if borrowing costs are not lowered fro Greece. EUR/USD slipped as low as 1.3605 before stabilizing. It traded quietly in the 1.3630s for the bulk of the US afternoon.

Cable slumped a few minutes before EUR/USD began its fall with now clear catalyst for the drop. The extent of the drop suggested it may have been a tranche of M&A selling, but that is a guess on my part. 1.5168 to 1.5030 was seen in about 90 minutes. Bounces were limited to the 1.5090 area.

USD/JPY ran into selling on strength from the BIS around the 90.40 area and later around 90.50 from exporters. Dips were shallow, however, with 90.22 the New York low.

AUD/USD fell on profit-taking around midday as the early “risk on”attitude proved to be short-lived.  AUD/USD saw its 0.9033 highs shortly after the open on Wall Street and slipped as low as 0.9077. Ranges were lethargic during the afternoon 0.9090/0.9105 contained the bulk of the afternoon dealings.

Maybe it’s me, but that session seemed deadly boring. Oh well.

EUR/USD opened firmer around 1.3685 and tried to extend the rally in early trade, briefly popping over 1.3700 posting session high 1.3704.  Talk had sell orders layered from 1.3700 upto 1.3750, so it was no huge surprise when the pairing turned lower.  Hedge funds were seen selling and we’re presently back down at 1.3645.

Cable opened firmer around 1.5165 and also tried rallying early.  Sell orders were well noted up at 1.5190/00 and we duly topped out at 1.5195.  We’re presently back down at 1.5120.

USD/JPY sits at 90.35, little changed after morning of very narrow range trade.  Sources now report Japanese names up on the offer at 90.50. More offers seen 90.60/70 with stops through 90.75.