With weak shorts squeezed towards the end of the Asian session, Europe has picked up where they left off with the bearish hats on. EUR/USD is back below 1.32 whilst GBP/USD looks decidedly ordinary with players reckoning that if Spain needed to be downgraded than the UK must be very close behind.
Asia of course was quiet with Tokyo closed for the start of Golden Week. Curiously enough they are back in tomorrow then out till Thursday next week. Early talk in London of option expiry’s today around 1.32 with players keen to trade the gamma.
