The bids we had heard about in the cable around 1.6280 proved big enough to put a base in that particular pair. EUR/GBP flows were also to the fore and as I mentioned on Monday, an investment bank was actively trying to mark EUR/GBP higher during thin early Monday morning trade. Anyone who does this is not a real buyer, they are merely trying to drive a market somewhere in thin markets so that they can take advantage of higher levels in more liquid times (hope this makes sense!).
The offers in USD/JPY at 90.60 also proved a bridge too far for overnight markets but I have no confirmation as yet whether they are still there.
Also hearing from a hedge fund contact of some decent selling interest in EUR/USD between 1.4740/60.
