USD demand generally prevailing but that's not the whole story 3 April
EURUSD down to 1.2262, GBPUSD 1.4045 and USDJPY up to 106.50 with USDCHF also up to session highs of 0.9588. USDCAD has found support at 1.2830 to bounce a little to 1.2846
AUDUSD and NZDUSD though have been far less affected and been contained by large option expiry interest today that I warned of earlier with 1.1bln AUD rolling off at 0.7680 and being defended again as is NZDUSD interest.
That in turn is playing out on EURAUD and EURNZD which are both significantly lower on the day in a move accelerated since NA desks have been underway.
GBPUSD is finding support from the falling EURGBP down to 0.8728 and GBPJPY up to session highs as USDJPY now breaches 106.50. EURJPY not helping EURUSD though as it now posts 1.2256 fresh session lows.
So it's not a simple picture. Be careful not to make any assumptions that it's just USD demand or EUR supply. Always pays to look outside the box and see what else is going on across the various pairs.
EURAUD- highlighting various forces at work
