- Published on Monday, 20 February 2012 11:23
- Written by Saxo Bank
I returned to the office today after battling dreaded death (or at least what felt like it) for the last few days of last week (bed ridden in fact) to see that despite the wild swings occurred in my absence, little of any real substance has changed. Over the weekend the only real newsworthy flow was that related to the cut in the RRR of 50bps by the Chinese, which invariably led to understandable strength in the AUD and NZD currencies.
Outside of this we still, of course, await more nonsense from the Greek tragedy and I’ve honestly lost count of where we are in this picture, what they are due to vote on/reject, whether they will get their cash or not, default, leave etc etc.
The long and the short of it is that the EURUSD is right back where it started about 2 weeks ago and positioning in the cross is getting difficult to read. Thus I still have my butterfly on, and will leave it there with good reason.
In the other major crosses, please give your scribe a quiet market day today (on the back of a US holiday) to catch up and perhaps form a view as for now I am entirely lacking one.
No data to disturb today, so those of you in at your desks, hopefully you’ve also brought your pillows.
Good luck and hopefully more constructive commentary tomorrow.
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