World Bank President Robert Zoellick says that the global financial markets have broken their fall but the unknown scope of a global recover or its timing is weighing on confidence.
Dealers continue to jockey for position ahead of the 15:00 GMT month-end fixing. Looks like they are front-running what is rumored to be quite large selling interest. Rumors of 4 yards of EUR/USD to be sold at 15:00 GMT have made the rounds. Don’t chase it now as much of that has likely been done.
1.3980/90 support is key near-term. We trade now at 1.4010.
