Dollar remains buoyed by yesterdays’ FOMC minutes showing several Fed officials favoured cutting QE before year end and with a much stronger than expected ADP December employment report having everyone scurrying to upgrade their forecasts for todays’ US non-farm payrolls.
We’ve been as low as 1.3019, presently at 1.3045. Large US bank apparently notable buyer around lows.
Talk of buy orders clustered 1.3000/15, sell stops through 1.3000 and 1.2980.
Will we see further downside followthrough taking out the psychological 1.3000 this morning? My best guess is probably not. Feel the market will now want to actually see the non-farm payrolls data before pressing the point. We’ll see.
