EUR Jumps, Indicating Offers At 1.3365-70 And 1.3390-00 Were Fileld

The single currency jumped in European morning and indicated offers at 1.3365-70 and 1.3390-00 were filled, stops at 1.3405-10 were also triggered but sizeable offers remain at 1.3420-30 as well as 1.3450 (option barrier) with more stops expected above latter level as well as next barrier at 1.3500. On the downside, bids are raised to 1.3390-95 and also at 1.3365-70 with some stops placed below 1.3345-50 but fresh demand should emerge around 1.3310-20 and further out at 1.3285-90 (stops below), followed by combination of bids and stops located around 1.3250-60.

GBP: The British pound dropped quite sharply yesterday on cross-selling in sterling, however, the pair has recovered as traders covering their shorts ahead of UK GDP data but offers are still noted at 1.5800-05 and mixture of offers and stops is located further out at 1.5845-55, followed by sizeable sell orders planted around 1.5890-00 with bigger stops building up above there. On the downside, combination of bids and stops remains at 1.5745-55 but demand from Middle East names should emerge further out at 1.5710-20 with more stops placed below 1.5700.

CHF: The greenback met renewed selling interests just above 0.9320 and has fallen again today, buying interests at 0.9275-80 were filled and indicated stops below 0.9270 were tripped, mixture of bids and stops located at 0.9240-45 is now in focus but more cross-related demand should emerge around 0.9210-20. On the upside, offers are lowered to 0.9300-05 and sizeable offers remain at 0.9325-30 as well as 0.9345-55 with more stops placed above 0.9360-70.

JPY: The dollar surged on active cross-selling yen due to risk appetite, offers and stops in the region of 90.10-30 were cleared, indicated option barriers at 90.50 were also tripped, however, there is still talk of a DNT at 90.75 with more stops above there expected as well as above next barrier at 91.00. On the downside, light bids are seen at 90.25-30 and also in good size at 89.90-00 with some stops placed below 89.80 but fresh demand should emerge around 89.40-50 and also at 89.10-20 with stops building up below 88.90-00.