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A very tight session in FX today, with few leads to trade off, though buoyant Oil prices were standout. That said, all related currencies had already enjoyed strong gains Wednesday. CAD is the primary focus in this respect, having traded down from the high 1.3800’s through 1.3700, but the early Feb lows look out of reach unless WTI can extend the upside through $32.0. DoE is out a little later; players waiting for confirmation of the 3.3m build reported in the API the night before. Equity gains were on the light side to neutral, so there was little direction from this section the market. As such, USD/JPY was range bound through the day, though predominantly below 114.00, while AUD was contained in the mid .7100’s having withstood weak Australian jobs overnight. In the US, data was light but both the Philly Fed and jobless claims were marginally better than expected. GBP saw some modest upside, but this time EUR/GBP saw significantly more volume. After a brief move through .7800, encouraging comments out of the EU summit saw selling accelerated through the .7700’s, though the figure level held. Cable pushed back through 1.4300, but was contained ahead of 1.4400. EUR/USD moved the other way to take out 1.1100, testing 1.1075-70 support, but no follow through as yet.
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