Lots of people asking for information on the order board but unfortunately today has been very quiet on that front. Firstly it’s Monday, and orders usually get cancelled over weekend and reinstated on a Monday, so it takes some time for the information to filter around the market. Secondly it was Superbowl Sunday in the US, and many people unforgivably turned off the FX market to watch the footy!
That said, dealers tell me that the danger side is the downside. Offers aplenty on the approaches to 1.3200. Some bids near 1.3050/60 and again near 1.3030 but they are mixed in with stop-loss sell orders, which become quite heavy below 1.3020. Momentum funds and CTAs are seen adding to existing shorts below 1.3020.
