The rather poor Spanish auction has made asset managers have a bit of a re-think it seems, and real money demand is being reported for Asian currencies like JPY, SGD and AUD.
Dealers report that stop-loss buy orders are now building in the AUD/USD above 1.0300 and again above 1.0320. Earlier reports suggested that CTA-types were looking to sell around 1.0300 but they, like the rest of us, can change their minds pretty quickly.
