FX SUMMARY

Most of the action this morning has been in FX, with broader base buying interest of the Dollar, after the currency was leaning in the red during the overnight session.

• The USD trades in the green against all majors, and leads against the NOK in G10s.
• Immediate resistance in USDMOK comes at 8.5184 (printed 8.5180 high so far), ahead of 8.5300 (38.2% short term retracement).
• The Aussie is the second worst performer against the USD, although off the worst levels at the time of typing.
• Further pressure on the Aussie would open to the April low at 0.7532, which is also the lowest level since 12th of December.
• AUDUSD is off the low (0.7588), at 0.7612.
• Long were seen bailing out as we cleared below the 1.3700 handle in Cable.
• We tested support noted at 1.3670/63 Low Mar 25/Low Feb 5 (traded 1.3671 low), now at 1.3710.
• The move in Cable helped EURGBP towards next initial target at 0.8705 High Mar 1, but the cross just fell short to 0.86975 high.
• Looking ahead, US PPI is the only notable data, as Wholesale Inventories will be final reading.
• Speakers: ECB de Giundos, Riksbank's Ingves and Breman at IMF, and Fed Kaplan