It has been an extremely quiet session so far after big moves overnight. The EUR has lost some ground against all the other majors with a EUR/JPY flow being blamed. Dealers seem to be leaving all other pairs well alone.
On the order front, I’m still hearing of good sized EUR/GBP bids back towards .8450 out of the Middle East, USD/JPY is tied between solid interest at 94.25 and 96.00 which may take some time to work through, and otherwise the market is driven by stop-loss buying and longs adding to existing positions.
