European morning wrap: Quiet European session so far, majors narrow rangebound

Author: Gerry Davies | Category: News

EUR/USD sits at 1.2922, a whole 3 pips lower than the 1.2925 which greeted me first thing. Kinda sums it up :(

Market not overly convinced by latest Greek debt deal and worried about progress, or lack there-of, in US budget negotiations.  This is fuelling risk aversion and pressuring EUR/USD.  However sovereign buying has been noted on dips toward 1.2900  with  1.2911 the session low.

There was a half-hearted rally attempt, but Russian selling in the 1.2930’s helped cap that pretty quickly.

USD/JPY and EUR/JPY effectively unchanged at 81.85 and 105.70 respectively.  Talk of sell stops through 81.70 and 105.50.

Cable has been extremely narrow rangebound eitherside of psychological 1.6000. Talk of decent-sized 1.6000 option expiry at todays’ New York cut.


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