There is absolutely no way to put any sort of a positive spin on this session, nothing happened at an increasing rate of knots!
- All of the major FX pairs opened after the weekend at close to their NY closing levels and spent the entire session in 15 pip ranges (except the NZD);
- There were no major market-moving developments over the weekend;
- The NZD has been the main mover today, up 0.3% against the USD mainly on the back of modest short-covering on the crosses;
- The iron ore price has continued it’s slide towards $100 but other futures markets like Copper and Rubber continue to move higher;
- Equity markets were dull and hardly moved;
- Positional adjustments in GBP ahead of major economic data tomorrow (CPI and retail sales) will be the biggest market mover in early European trade;
- Orders in USD/JPY reportedly remain firm, with large bids still ahead of 101.20 and massive stops starting below 101.15.
