A quiet narrow range through the session with early test to the 1.1180 levels before drifting lower and back to the 1.1170 area and then trading along that level to the London session, Topside offers light through the 1.1200 areas, with the market possibly less inclined to put on new positions in front of the FOMC limited volumes and jumpy movements could be on the cards for the next 24hrs or so, congestion however, is still likely on a move through the levels and the market to the 1.1250 is likely to slow any movement with stronger offers above the area and into the 1.1300 levels, one factor today could of course be the PPI German number. Downside bids into the 1.1150 levels with weak stops possibly through the level with congestive bids through to the 1.1100 areas.
Cable was quieter than the Euro with very little movement and the market moving off the opening levels to run along the 1.3040 levels through to the London session, Topside offers light through to the 1.3100 areas the offers are likely to be limited at best with any stops likely to be even lighter and the topside open to the 1.3200 areas and stronger offers likely from then on. Downside bids into and through the 1.3000 areas however, while those bids are likely to be strong a move lower could open the flood gates and a test to the lows from earlier in the month however, possibly not for today and with volumes likely to be light a range bound day.
The USDJPY based off the 101.80 levels to test through the 102.00 levels with limited volumes moving through the session before holding the 101.90 areas through into the London session. Topside offers through the 102.40 levels are likely to be light with a push through to the 103.00 levels likely to take a little bit of a grind, a move through the 103.00 areas could see some stops but likely to be limited and a quiet market is unlikely to see such movement. Downside bids into the 101.00 levels possibly a little stronger protecting and further moves lower.
Trading between the 0.7530-50 areas for most of the session the market did spike a little on the RBA minutes however, it was in line with expectations and previous communiques with the market unable to really push to far above the 0.7550 levels and holding the 0.7540-45 through to London. Topside offers through the 0.7570 areas and reasonably strong into the 76 cent levels however, even though there is congestion likely through the level the market is possibly vulnerable to the 77 cent levels, downside bids light through the 75 cent areas, with congestive bids then to the 0.7450 areas and likely to be a little stronger with stops appearing on a push through the 0.7440 areas for a test to the 74 cent level.
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