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European Morning Currency Wrap

|Includes: CurrencyShares Euro Trust ETF (FXE), FXY

Even the tumultuous events of the weekend couldn't whip the European forex markets into much of a frenzy. Indeed it's been extremely dull fare, the UK Bank Holiday taking its' toll.

EUR/USD (NYSEARCA:FXE) up at 1.3030 from early 1.2990, but it's been a slow grind higher, with touted sell orders at 1.3030/50 so far proving a durable upside barrier. Talk of trailing buy stops through 1.3050.

On the downside, barrier option interest noted at 1.2950. Talk of buy orders clustered just ahead of said interest and sell stops just below. Also talk of decent-sized 1.3000 vanilla option expiries at today's New York cut.

USD/JPY (NYSEARCA:FXY) sits at 79.80, effectively unchanged on the day.

Cable has tacked on half a cent, presently up at 1.6170.

http://www.forexlive.com/blog/2012/05/07/european-morning-wrap-london-out-forex-markets-eerily-quiet/