A huntin’ we will go, a huntin we will go…

Traders went hunting for stop-loss orders in EUR/USD today and found them just above 1.2750. We reached 1.2765 before quickly slipping back. A story that implied a sudden EUR 5 bln budget hole for Spain after a tax court ruling sent EUR/USD quickly back below 1.2700 and from there we spent the afternoon range trading. Early morning selling saw EUR/USD dip to 1.2666/. Stops lie at 1.2660/656 on the downside and at 1.2780 and 1.2830 on the topside.

USD/JPY did very little in New York today, easing modestly late in the day on falling stocks and falling yields but holding well within recent ranges. 84.32/72 was the New York range.

Cable surged after stronger than expected retail data early in the but was unable to sustain levels in the 1.5600 region. We end the day at the 1.5525 level.

Commodity currencies gave up early gains in afternoon trade and ed on a soggy note, as did risk appetites. AUD/USD closes at 0.8865 and USD/CAD at 1.0567.

EUR/CHF ends at the bottom of the days range and gave back all the gains made in Europe as it rose to 1.3143 intraday. It ends at 1.3022, with the markets still on the lookout for more dire US data despite today’s respite via the improved weekly claims data.