Trading has been very quiet for the last couple of hours with ACBs hopefully by now all back in the pub. The US session does not looks like it will be a game changer. The market is of course long EUR/USD, AUD/USD and USD/JPY which the CFTC positioning should confirm later today. The interesting part of course will be whether some longs have been pared over the course of the week or whether they been extended.
This is particularly true for AUD/USD where long positions on the IMM have been elevated for some time. Unfortunately the longs have been given no reason for concern over their positioning due to the relentless intervention activity by ACBs with this week no exception.
The ACB theme of course is now widespread across all newswire outlets – just remember where you heard it first.
