The interbank market has been open for over an hour and there has been little change compared to the NY close. EUR/USD is trading at 1.3590, USD/JPY 95.80, cable 1.4430, Swissy 1.1280 and AUD/USD .6885.

Sterling is slightly weaker across the board after yet another barrage of negative articles in the British press.

For the week ahead: I expect EUR/USD to broadly consolidate the gains of last week in a 1.31/1.39 range so I’m trying not to get bullish/bearish in the middle of the range. JPY crosses will probably continue to be sold during Tokyo time, as long term long positions unwind, and be bought during Europe and NY where more aggressive traders build long plays. But I still expect that USD/JPY is in a medium term 92/102 holding pattern. From a positional perspective, I am long USD/CHF as a short-term play and I am long AUD/USD and AUD/CHF as longer term positional plays.

Good luck today.