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FOREX: Month-, year-end approaching and the USD retains its soft tone with
month-end models confirming earlier predictions that USD sales to be seen at
today's fixes. The expected thin liquidity into the close of the year had
traders positioning for the pressure on the USD. EUR/USD remained buoyed above
$1.1200 through Tuesday but held off a retest of Monday's high of $1.1221. Cable
retained a buoyant tone above $1.3100, the rate able to break above its Monday
high of $1.3150 on its third try, taking rate on to $1.3169. JPY also took
advantage of the softer USD but was also driven by the easing in equity markets.
USD/JPY ground its way to an extended low of Y108.59. AUD extended gains above
$0.7000, touched $0.7013 moving next major resistance at $0.7082 into view.
USD/CAD break below C$1.3040 has brought its YTD low of C$1.3016 into view. USD
move allows the DXY to make a show under its Dec12 low of 96.588. Fixes remain
key to activity ahead of month-end.
- Lower tier U.S. data headlines today's docket, Case-Shiller and US Consumer
Confidence, with liquidity a little more
limited over the coming days owing to various market closures.