Whipsaw price throughout the morning leaves...>

FOREX: Whipsaw price throughout the morning leaves many pairs adrift, but the

JPY is the ultimate winner

-Currency markets have been relatively rudderless this morning with the major

pairs switching between 50 pip gains and losses in quick succession. Such price

action suggests poor liquidity and thin volumes, which may pick up at the NY

crossover as traders look ahead to the ECB minutes release.

-JPY is the big winner this morning, rising against all other G10. USD/JPY

dropped to Y107.15 overnight and remains just above there as US joins the fray.

-Poorer than expected UK GDP growth (2nd est.) dented GBP which trades lower

against all others halfway through the session. EUR/GBP on the march as a result

and the rate now targets both the 100 and 200DMAs to the upside.

-Negative equity markets in the US, Asia and Europe have driven haven currencies

higher, with the CHF rising alongside the JPY. AUD outperforms after 4

consecutive days of losses.

-Markets look ahead to the ECB minutes release at 1230GMT, US weekly jobs data

and Canadian retail sales.