Eur/Usd tired of being the bridesmaid to the more volatile Cable has made a nice rally above 1.4000, before settling down to 1.3985. It smacks of a bit of a position adjustment as short positions throw in the towel before the weekend. 1.4025 downtrend resistance from the 1.4339 highs should quell any move higher.
Just as I write this, Cable not to be outdone has popped above 1.6500 to 1.6510. Offers are seen in the 1.6510/20 region wih some stops above there. Usd/Jpy has also joined the party as the Dollar gets sold off across the board hitting 96.05 with bids seen at 96.00.
The connections in the reflation trade have broken down this afternoon,with stocks sliding and Oil falling too. It is quadruple witching day today which may be providing some added volatility.
