EUR/USD shed most of its overnight gains in late European trading but managed to recoup some late in the session. 1.3650 provided intraday support for EUR/USD on dips during the US morning but as Europe squared for the weekend, we fell as low as 1.3630 briefly. The single currency edged higher in thin afternoon trade, reaching 1.3680 late in the session where it stalled. Several high profile banks issued EUR/USD buy recommendations today, it should be noted.

USD/JPY ends the week within 20 pips of its recent highs, a solid performance for the once-beleaguered pair. We end the week at 83.50.

Cable was sold heavily during the London afternoon, falling as low as 1.5940 despite heavy buying from Mid-East in the 1.6050 area early in the day. Relative EUR strength on the crosses today amid a dearth of news from Ireland. Portugal, et al, supported the euro.

USD/CHF once again stalled near 1.000. reaching 0.9998 late in European trade. Barriers at 1.0000 and 1.0020 continue to be defended. A very large EUR/CHF buy orders was rumored for the late London fixing which sparked a rally as high as 1.3675. Once the order was completed, EUR/CHF (and USD/CHF) went into retreat, sending the cross down to 1.3600 late in the session.

Commodity currencies were quietly offered in US trade today, weighed down by further Chinese monetary tightening. The CRB index fell 1.2% today with margin hikes a further catalyst for weakness. AUD closes at 0.9850, USD/CAD at 1.0185.