Written by FastBrokers House
2011-01-04 00:00
The AUD was the main mover today, although this time the move was lower. Floods in Queensland and the failure of Gold to hold above $1420 initiated some profit taking and stops were then triggered in the AUD/USD below 1.0120. EUR/AUD also completed a potentially bullish reversal pattern which attracted some buying. Ranges: AUD/USD 1.0095/1.0171
USD/JPY has also moved gradually higher as buoyant equity markets encouraged short-covering in the JPY crosses. Talk that both Kampo and China had buying interest yesterday near 81.00 has also encouraged some short covering. Ranges: USD/JPY 81.62/82.12, EUR/JPY 108.94/109.67
EUR/USD fell early as talk swept through the market of bond redemptions later today. The pair fell from 1.3370 to 1.3330 before steadying and then rallying on some at times heavy EUR/JPY buying. Technical buying in EUR/AUD also helped to underpin. Ranges: EUR/USD 1.3330/77, EUR/CHF 1.2456/1.2503
There has been little or no interest in the sterling today with cable trading a tight 1.5475/1.5506 range and EUR/GBP seeing .8605/31.
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