- The new US Health Bill gets approved
- Little or no impact on the FX market
- Tokyo holiday adds to quiet market conditions
- Differences remain within the EU on how to resolve the Greek situation
- Yet again, more rhetoric out of China on value of Yuan
- Regional stockmarkets fall by over 1%, gold steady
- Sterling the only mover in the FX market as stop-loss sell orders affect the cable
Once again an exceedingly quiet Asian market session was only notable for a quick 60 pip sell-off in the cable when stop-loss orders drove the pair below 1.4970. Much of the selling was soaked up by Sovereign bids but the amounts were not large. Ranges: cable 1.4941/1.5015, EUR/GBP .9006/42.
USD/JPY traded in a 14 pip range, 90.42/56, with the liquidity from the Tokyo market sadly missed. Corporate sell orders are still noted towards 91.10/20 but most of the repatriations have now been done.
Sentiment remains bearish for the EUR as Europe struggles to find answers for Greece’s credit woes but talk of option protection at 1.3500 has dissuaded any serious attempt to take the EUR/USD lower. Bounces have also been very shallow. Traders are also eyeing an important level at 1.4300 in EUR/CHF, the spike low from November 2008. Ranges: EUR/USD 1.4507/33, EUR/CHF 1.4331/56.
The AUD/USD has also traded with a generally soft tone today but the prospect of good-sized bids around .9100 discouraged too much bearish activity. Range: .9127/56.
Markets: HK -1.7%, Kospi -0.8%. Gold steady at $1107/z.
