Dollar has made across the board gains this morning.\u00a0 Someone mentioned John Taylor at FX Concepts opining in his latest missive, that the\u00a0dollar index (DXY) could be up at 84.75 by end of the year!! (currently\u00a0around 80.20) Now I haven\u2019t seen anything to confirm this, so it\u2019s only heresay.<\/p>\n
Anyways, was interesting to get reports of hedge funds selling EUR\/USD in\u00a0early trade\u00a0today.\u00a0 EUR\/USD is down at 1.3218 from early 1.3305 having been as low as 1.3197.\u00a0 The early selling accelerated when \u00a0a UK clearer sold around a yard into\u00a0an illiquid market. Apparently they were executing an order on behalf of a US corporate and started selling around 1.3250.<\/p>\n
BIS turned up buying around 1.3200 and we bounced back up to around 1.3225\/30.\u00a0 Then Fitch\u2019s Irish downgrade sent us down again, but only to 1.3197 before steadying.<\/p>\n
Sell stops are said to be gathering down through 1.3170.<\/p>\n
USD\/JPY\u00a0up at 84.00 from early 83.75, firm US yields continuing to lend support.<\/p>\n
Cable down at 1.5755 from early 1.5825, having been as low as 1.5736.\u00a0\u00a0Reserve Bank of India was seen buying around 1.5760 helping slow, but not stopping, the sell off.<\/p>\n
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