They sold at 1.6880 looking for a move below 1.63…Stoploss 1.7050.

Traders say their order books show some selling in EUR/USD and USD/JPY at the upcoming 15:00 GMT fixing. The amounts are not unusually large at this stage, from what we hear.

Solid selling of USD/CHF remains a theme today, traders say. Looks like risk aversion has only ebbed, not reversed.

The market is expecting a drop to 57.0 from 62.3 in July. Chicago is a bit funky in that the auto industry has an out-sized influence on the index and the auto makers did not shut down for retooling this summer as they normally do. That could keep the index higher than many expect, in my view. It will also make the index less of a predictor of the national ISM figures than usual…Just my 2 cents…

Loads of movement but not a lot of news pushing prices around today. Deal first and ask questions later seems to be the motto in the interbank market.

EUR/USD has rallied sharply, up to 1.2733 thus far. USD/JPY is finding demand in the 84.20s and has rebounded to 84.40 Even cable is firmer, though EUR/GBP remains in demand…Tough to get wedded to any fundamental theme this morning beyond there are lots of flows to be transacted between now and the end of the day with much of the action a bit less than two hours away at the 15:00 GMT fixing.

Unless you see a compelling level or trade that you want to have on for a while, stay on the sidelines. It’s gonna be choppy.

The flight to safety continues to strengthen. Bond yields continue to fall as do stocks and commodity prices while the dollar, JPY and CHF all strengthen.

The BIS appeared on the offer just above 86.00 a couple of session ago and if they appear again, that would certainly slow down the USD/JPY rally. There are also corporate offers seen starting above 86.20 and heavier offers between 86.60/90.

Hearing from the market that the main movements today are easing of positions ahead of the FOMC with few ’serious’ flows showing; the cable drift has been a bit healthier than I originally thought and may continue in London; the sell-off in AUD/JPY seems to have found a base around 78.25/30 but we may see some downward pressure if there is no hawkish talk of support for USD/JPY

• Downside is well signalled with interbank proprietary players looking to book profits 85.20/35; large optionality around 85.00; possible BoJ level at 84.80; heavy stops below there
• Trailing stops on shorts starting above 86.25 with further stops above 86.50; corporate offers steady between 86.60/90.

I don’t really have any view on this pair at the present time and my tendency is to sell rallies but I think I may hold off for a while as I’m told that there are some very large stop-loss orders building above 114.70, 115.00 and 115.50 in particular. It’s hard to imagine the market generating enough momentum to challenge these levels today but with the BoJ meeting ending this afternoon, you never know.

US equities have turned sharply lower in the last few moments. Not sure if there is a fresh catalyst…

US bond yields are approaching session lows on the short-end of the curve (0.509% 2-yr) while the longer end of the curve see yields plunging (2.825% in 10s).

Risk aversion looks to be prompting some profit-taking from longs in EUR, GBP and AUD…

USD/JPY continues to find support ahead of 85.00 barriers.

• 1
• 2
• 3
• 4
• 5
• ...
• 73
• >