Oil is adding to its gains, up more than $2.50/barrel on a report in the Nikkei that China is going to increase its petroleum reserves by 160% over the next 5 years. This is not a reason to run out and buy oil today but it does suggest that “Big Brother” will continue to buy dips in the future.
EUR/US has pulled back from a 1.4100 test while USD/JPY is consolidating gains above 96.00. It reached 96.17 before stalling. Bids are seen on pullbacks to 95.80 near-term with small trailing stops located just below in the 95.70/75 area.
