Some big flows overnight led to interesting moves with rumours taking care of the rest.
There was some AUD bought for month-end but not nearly as much as some would suggest and there may still be some more to be bought today. The CHF made big gains on rumours that the SNB will hike rates. If you really want to go long CHF against the USD or the EUR at these low levels based on the fact/expectation that the SNB might raise rates by 25 bps in a few months, good luck to you. Sterling didn’t have the momentum to follow the other majors and lost ground on the crosses. EUR/USD stalled just shy of the supposedly big offers starting at 1.3115. Technical resistance is at 1.3140 (38.2% retracement)
Good luck today and TGIF.
