- UK consumer confidence hits record low
- BoE’s King warns of new credit crunch
- PBOC fixes USD/CNY above 6.3550
- Regional stocks pretty flat
- Gold $1761/oz, Oil $102/bbl
Fairly quiet session in Asia apart from the usual stop-loss hunting in early thin conditions.
Stops in the AUD/USD below 1.0050 were the early target and they were triggered as early Asian stockmarkets fell. Corporate bids near 1.0025 were quite significant and they helped stall the fall. The subsequent short-covering bounce has taken the AUD/USD almost 100 pips higher. Ranges: 1.0017/1.0110
EUR/USD took aim at a small barrier at 1.3425 and this was breached although the follow through was small as solid bids were waiting near 1.3400-10. Short covering in the afternoon producede new session highs but interest was overall very low. Ranges: 1.3420/93
USD/JPY traded a paltry 14 pips, with BOJ bids rumoured just below the market but large stops also reported below 76.70 and 76.60.
Cable 1.5689/1.5744; USD/CHF .9125/.9228
