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European Morning Currency Market Wrap

And I mean "mild"

Euro stoxx 50 off -0.8% at writing, oil off about three quarters of a buck.

EUR/USD down at 1.3215 from early 1.3250. In between we've been up to 1.3266 and down to 1.3207.

EUR/USD managed a half-hearted rally on the back of slightly better than expected Spanish Q1 GDP (see above), but sovereign selling from India and Russia made sure touted barrier option interest at 1.3275 never came under serious threat.

We eventually saw some stops tripped through 1.3220 extending the downside, but things have been happening in slow motion with little strong conviction evident (well that's what it looks like to me)

Buy orders seen layered 1.3200 down to 1.3180, further sell stops below there.

USD/JPY sits at 80.15, effectively unchanged on the day. Talk of barrier option interest at 80.00. Sell stops seen below there.

Cable down slightly at 1.6255 from early 1.6280, but in between we saw a fleeting rally which took out 1.6300 barrier interest before profit-taking kicked in.

http://www.forexlive.com/blog/2012/04/30/european-morning-wrap-mild-risk-aversion-to-start-the-week/