The pair settled in minor negative territory, in close proximity to an intraday option level at 1.3100 (said to be in good size). Decent auctions by the Spanish Treasury managed to offset sporadic selling by EU based, semi-official and Asian sovereign names. It looks increasingly likely that Spain will continue to try and delay requesting bailout for as long as possible and likely end up being forced to do so by the market. In terms of technical levels, supports are seen at 1.3054, 1.2993 and then at the 21-DMA line at 1.2954. On the other hand, resistance levels are seen at 1.3144/73 and then at 1.3181.
GBP/USD
The pair failed to benefit from the latest retail sales report, likely due to the fact that the data was skewed by winter clothing and school uniform purchases as noted by the ONS. As a result, the pair settled the session in minor negative territory and largely traded in tandem with EUR/USD. In terms of technical levels, supports are seen at the 10-DMA line at 1.6075 and then at 1.6020. On the other hand, resistance levels are seen at 1.6218/73.
USD/JPY
USD/JPY remained better bid for much of the session, with 1m risk/reversals (RR) at 10y high and vols higher after 79.00 barriers were breached overnight. More barriers to the upside are seen at 79.50.
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Tepid Day For FX Traders
Published 10/18/2012, 11:51 AM
Updated 07/09/2023, 06:31 AM
Tepid Day For FX Traders
EUR/USD
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