They began buying above 1.4100 and have been taking in dribs and drabs ever since, down to 1.4050. I suspect China will become more aggressive in the 1.4020/30 region if we get there, trying to keep a bit of distance between the market and 1.4000 where it will protect exotic triggers.
Goldman reiterated their sell recommentdation in cable this morning after first banginf the drum for shorts a week ago Friday. No word on their USD/JPY long…
