The early move here in Europe is a small sell-off in Dollars. Cable is testing offers into 1.6400, which if we can surpass should open up the way for a move to 1.6450. While in Eur/Usd some light buying in the 1.3940 area has propelled us up to 1.3960. The next level on the upside is yesterday’s high at 1.3985, where again Asian central banks are expected on the offer. With little to go on, the market is watching the improving S&P Futures which are up 5 points at the time of writing.