Mixed bag of buyers and stops for virtually the entire .97 handle which doesn’t give us much of a clue. There are said to be some sizeable bids around .9700 and I would not be at all surprised to see this level tested later tonight during the NY session. Short-term momentum remains bearish and interbank dealers say that playing the market from the short side is the less-risky option ahead of Friday’s likely rate hike in China and general position liquidation on the run-up to Christmas.
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