Had to step away to take phone call past 45 mnutues or so and guess not a heck of a lot has happened.  EUR/USD sits at 1.2820, sell orders up at 1.2830/50 still hanging tough.

USD/JPY managing to hold above 84.00 so far, presently at 84.19 having been as low as 84.01.  Heard Dutch bank (not Danish this time) seen decent buyer off the lows. 

Cable meanwhile managing to hold up after post construction PMI swoon.  EUR/GBP at .8323, aforementioned sell orders up at .8330/50 managing to cap earlier rally which topped out at .8338.

Nearly home time.

Versus 54.1 in July.  Much worse than median forecast of 53.2.

 It’s all coming apart at the seams (that’s better) I tell ya!!! I packing my bags and moving to ……..Sweden!!!

“You can dance, you can jive having the time of your life

See that girl, watch that scene, diggin’ the dancing queen”

Presently at 8310 from early .8280.  Talk sell orders clustered up at .8330/50.

AS Gerry reported overnight, some of the big Middle-Eastern players were very active buyers in EUR/GBP yesterday. The break above .8280 also encouraged some technical buyers to enter the market, both on a stop-loss basis and also initiating fresh longs.

A friend of mine who sees a lot of the bigger interbank flows and orders suggests to me that selling the rally may prove to be an excellent risk-reward trade. He suggests waiting until .8350/.8400 and if the market stalls there for a session or two, then sell with a reasonably tight stop looking for a test of .8000.

Traders note a fairly sizable vanilla expiry in EUR/GBP at the 0.8310 level this morning at 14:00 GMT. The expiry is large enough to keep the market from straying too far before rolling off the books a little later this morning. We trade at 0.8312 now.

The UK clearer we reported buying EUR/GBP earlier, is said to still be buying the cross.  They’ve gotten it as high as .8248 so far.

In recent trade.  After brief pause we’ve advanced to session high .8237, with UK clearer seen notable buyer in recent trade.

EUR/GBP up at .8225 from early .8180.  Not really surprising given its the last day of the month and the usual anticipation of buying related to Uk payments to EU. 

  Just getting reports Middle Eastern sovereign, who was buying cable, is also selling the cross.

Cable down at 1.5425 from North American close Monday up around 1.5460.  General risk aversion weighing on the pairing.

UK data scheduled for today:

08:30 GMT: M4 money supply for July (final)

08:30 GMT;  Mortgage approvals for July expected 46.5k; net consumer credit expected flat; lending sec on dwellings expected +0.7 bln

Talk month end flows generally dollar postive, with strong negative signals for cable.  We’ve also got the EUR/GBP month end demand related to UK payments to EU which tends to weigh on cable.

Against this however Sean has mentioned demand to sell AUD/buy GBP to the tune of 1.5 bln aussie lined up for the London fix at 15:00 GMT (16:00 local)  Somewhat complicates matters.

Talk of buy orders clustered down at 1.5380/00, stops below there.  Sell orders noted up at 1.5490/00.

• EUR/USD: We expect a 1.2700/1.2800 range based on the orders reported earlier this morning
• USD/JPY: Large bids reported 84.50 through 84.30
• AUD/USD: Stop-loss buy orders above .9080
• EUR/GBP: Stops reported above .8250 (Central Bank demand expected today/tomorrow)
• USD/CHF: Large optionality 1.0200

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