There is little we can pin on the improved sentiment in equity markets, where early gains in the Dax lifted the S&P futures out of negative territory. A strong NYSE open saw cash markets building on these gains, though the notable gainer on the day was the CAD, despite the lack of any product from the Tehran Oil talks. Iran is prepared to cooperate, but few other details. We saw a WTI spike through $30.0, but was short lived, but USD/CAD has been taking out a series of support levels to test into the mid 1.3700’s. USD/JPY recovered from the sub 113.50 move in am London, but is struggling through the mid 114.00’s; pullback tights though. AUD continues to move in tight ranges, though key Australian employment data ahead. For GBP, it was another choppy day, and we saw the heavy tone in Cable lifted by a decent UK jobs report, with claims falling 14.8k in Dec and eventually prompting a retracement through 1.4300. This was also short lived, with buy orders through 1.4250 later filled. EUR/GBP gains through .7800 was reined in by a risk off hit on EUR/USD, but yet again we saw resilient bids ahead of 1.1100 holding firm.

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