- Financial markets holiday in Japan ensured quiet markets
- Improving UK house price data from Rightmove
- Shanghai stockmarket down 1.5%
- President Obama calls on G20 members to rethink world economy
- Gold loses ground slightly to $1003 from $1005.5 at NY close
- Some analysts calling a top in the AUD/USD
Cable was the first move of the day when tight trailing stops below 1.6220 were triggered in early trade- the pair traded to a low of 1.6212 before the mildly optimistic Rightmove data helped encourage some GBP shorts to cover. Technical resistance in the EUR/GBP at .9070 also encouraged some GBP buying. Ranges were tight with the cable seeing 1.6212/64 and EUR/GBP .9040/65.
USD/JPY and the JPY crosses were quiet in the absence of the Tokyo market. Talk of stops above 91.60 in USD/JPY have been doing the rounds- the range there has been 91.31/57.
EUR/USD has been very subdued in a 1.4679/1.4713 range. There seem to be few orders close to the market but short-term stops are said to be building now above 1.4770 from players trying to pick a top.
AUD and NZD have been the trading heavily today with weaker commodity prices and a lower gold price encouraging some selling against the USD in particular. AUD/USD has traded .8646/84.
Markets: Shanghai -1.5%, HK +0.5%, Kospi- flat. Brent crude steady at $71/bbl.
