Down this time for a change…
We’re just off the day’s lows of 77.02, but so far it seems that US named bids in the 77.00/10 zone are currently soaking up the USD outflows.
As Gerry mentioned earlier there are buy stops building on a break up through 77.40, but beyond that is a swathe of offers left by Japanese names from 77.50 all the way up to 79.00 to cover any possible moves that way during the long Japanese weekend.
There’s also still talk of semi-official bids sitting down below at 76.55/65
We’re presently sitting at 77.07
