Sterling seems to be the currency which was able to hold on to its gains yesterday with the most ease, and cable is again back on the 1.47 handle this time with a bit of momentum in its favour. The EUR/USD recovery now looks somewhat stronger technically, with the close above 1.2150. USD/JPY is having trouble rallying in the face of heavy selling from Japanese corporates who seem to be of the opinion that rates around 92/93 are good levels to sell at. The AUD/USD managed to get as high as .8650 but the ease with which some of the gains were given up doesn’t inspire me with a great deal of confidence.
Good luck today.
