AUD/USD down at .8858 from early .8875.  Just getting reports Russia buying at current levels. Maybe they’re building up a huge GBP/AUD possie

Stops have been tripped through 1.5400 and we’ve been as low as 1.5387 so far.  Presently at 1.5394.

Russia has been notable seller of cable this morning. Them and alot of others, as realisation dawns that the UK could be in for a rough old time going forward.  Go figure.

Some supports of note:

1.5350 (psychological)  1.5335 (July 21 high)  1.5322   (38.2 fibbo retracement 1.4228-1.5999)

Where’s the Reserve Bank of India when you need them.

Above 1.2850. We’re back at 1.2840.

Nice vote of confidence for the beleaguered euro.  EUR/USD at 1.2278, up from session low 1.2253.

Sees chances of default as close to zero.

• Says potential for appreciation of rouble mostly exhausted

We sit presently at 1.2185. Today has followed something of a familiar pattern.  Hedge funds continue to sell.  Sovereigns lend much-needed periodic support.

Someone just sent me the headline.

Here are details

Russia cut the share of euros in its international currency reserves to 43.8% at end of 2009 from 47.5% a year earlier. Dollar share rose to 44.5% from 41.5%.  Pound rose to 10.4% from 9.7%.  Percentage of yen remained unchanged at 1.3%.

More dollars that could eventaully find themselves diversified into likes of euro, maybe even the good old loonie.

EUR/USD has rebounded from the 50’s back into 70’s, presently at 1.3377.

European stocks starting week in fine fettle (doing well) DAX up 1% so far. Will be lending EUR/USD much needed support.

Russian CB head Ignatyev says that Russia will continue to make the rouble exchange rate more flexible and it will be very close to a free-float within a year.

On a side note, the central banker says Russia has not yet begun to invest reserves in Canadian dollars. It announced its intention to do so some months ago.

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