Another quiet session with the week coming to a little bit of an anti-climax into its final sessions, the market opened around the 1.1210 levels an slowly drifted down through the 1.1200 level and rested on the 1.1195 level for much of the session with minimal volume going through the market. Topside offers light through to the 1.1250 and likely to be stiff into the 1.1260 areas onwards with offers continuing through to 1.1300 areas, a push through the level will likely see light stops with the offers continuing lightly through to the 1.1350 levels and stronger offers in that area, weak stops through the 1.1360 levels will leave the 1.1380-1.1400 levels vulnerable with PMI numbers due today in several countries. Downside bids into the 1.1200 areas have not really had time to fill out and so is likely to be a little weak with stops through the 1.1180 areas and the market increasing on the bid side on a move towards the 1.1160 areas with congestive bids likely through into the 1.1100-1.1050 area.
Cable reversed the gains of yesterday through the session with the GBPJPY remaining static around the 132.00 areas while the USDJPY moved a little higher thus squeezing the GBP lower through the session and falling from the 1.3090 area highs too the 1.3040 levels to hold quietly through to the London session, Topside offers light through the 1.3100 level with some congestion through the level however, a push to the 1.3150 will likely see a small squeeze higher through the 1.3200 and from there stronger offers appearing. Downside bids into the 1.3000 areas are likely to be a little weak however, a push through the level will likely see stronger offers appearing the deeper the market moves towards the 1.2950 areas that held this week.
· Pushing from the opening 100.80 areas the move into the Tokyo session saw a gradual climb to the 101.20 levels and holding in the area for much of the session with the market being light on volume. Topside offers light through the 102 areas with light offers starting to show on a move through the areas, FOMC movement saw the market testing to the 102.80 areas and this is likely to see the strongest concentration of offers before testing the 103.00 area and then weak stops for a push higher however, congestion through the level would possibly soak up the bulk of the weak stops and the movement is likely to be a two way if it can get there. Downside bids into the 100 areas the talk of the town with many analyst talking of a test of the area over the coming weeks however, the chances are that any movement to those levels will likely see verbal intervention and nervous trading through the session with further bids likely to increase on a move through the figure area and into the 99.50-99.00 areas.
A very quiet Oz and the market opened just short of the 0.7650 levels and only briefly challenged the areas in early Tokyo before drifting through the session to test to the 0.7630 areas and holding into the London session. Topside offers through the 0.7680 areas are likely to be reasonably strong with medium term profit taking and top pickers moving in however, a break above the 77 cent level will likely see those shorts protecting a move higher and stops quickly appear and the market opening for a test of the 0.7770-0.7800 areas with possibly stronger offers appearing. Downside bids light through the 76 cent levels and the downside not really opening until a push through the 75 cent level with the bulk of the congestive market cleared.
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