Many were badly burned by the sharp rebounds in EUR/USD and USD/JPY this morning so they will be reluctant to add liquidity to the market this afternoon. I don’t know which way it is going but is suspect it will be very choppy along the way. Any sizable flow will have out-sized influence for the balance of the session.
EUR/USD trades now at 1.2670 while USD/JPY trades at 84.15.
