Perhaps I’m speaking too soon but the USD is having a reasonably good session so far today. USD/JPY is on its session highs at 91.35 and cable is at 1.6370, only 10 pips above its lows. This says to me that the market has been short USD across the board and, as it’s Friday, is happy to start booking profits. The positions in Asia are generally smaller than say London or NY, so if this continues then we could well see USD/JPY challenging 92.00 and cable at 1.6250 before the week is finally over.