- ECB’s Stark: It would be fatal if currency wars evolved in to race to devalue
- Japan FinMin Noda: Won’t comment on currency levels. Will continue to take decisive steps on fx if needed
- Portugal PM Socrates: Country needs budget with clear sign of will to balance public finances. Ready at all times to negotiate on budget with opposition
- Portugal PSD opposition bench leader says will not give “blank cheque” to govt on budget
Messy morning. Greenback generally little weaker as market waits for Bernanke at 12:15 GMT. USD/CAD an exception to the rule, up at 1.0070 from early 1.0045.
EUR/USD up at 1.4075 from early 1.4045. Rallied early. Paused as BIS sold in 1.4070/75 area. Continued higher and reached 1.4097 where Korea notable seller and we dipped slightly. Then another rally over 1.4100 which reached 1.4113 where things fizzled out.
There has been talk of decent sell orders lying in wait up at 1.4125 and the momentum was lacking to test them. We’ve seen slow drift back to current levels.
USD/JPY down at 81.15 from early 81.35 in very quiet trade. Macro funds notable sellers. Talk of buy orders at 81.00/10 has lent some tenuous support.
Cable up at 1.6040 from early 1.6015. Reserve Bank of India notable seller above 1.6050.
AUD/USD up at .9940 from early .9915. Asian sovereign buying has been evident this morning, helping underpin.
