It feels as though the market is likely to tread water until early tomorrow New York time when Bernanke addresses the Boston Fed conference at 12:15 GMT and important CPI and retail sales data at 12:30 GMT. The Bernanke comments are probably more important than the data as the Fed has already set the ball in motion on QE and is unlikely to shift course without several months of firm data.
It will be interesting to see if there are still offers at 1.4100 after a digital option at that level expired earlier in the session. There are offers at 1.4125 in good size, said to be option-related. We trade quietly at 1.4072.
