Flows in focus as we count down to the fix
No signs of dollar demand at the moment
Yesterday we saw some big US dollar flows all day and particularly into the London fix. The fix is coming up again at the top of the hour and could be a factor.
Models pegged some dollar buying and you would expect some of the flows to be spread out but there's no evidence of it yet. Instead we're seeing yet-another rip in the US dollar that's being sold somewhat aggressively.